Alliance & Leicester SVR concern

sherer

neverdespairgirl wrote: »

Generally speaking at the moment, where there is a big difference between what an owner thinks and a surveyor thinks, I reckon the owner is the one who is wrong. Perhaps you are just being far too optimistic about what your flat's really worth now?

my broker added on 5k as he knew the surveyoy was going to mark the property down. The surveyor has then knocked 15% which is 25k off what we listed the property as. Being in London the value hasn't fallen that much and the valuation is totally out of proportion with other properties in the area. The flat opposite mine which is exactly the same build sold for 190k in Jan

neverdespairgirl

What was yours valued at now?

shaven-monkey

sherer wrote: »

my broker added on 5k as he knew the surveyoy was going to mark the property down. The surveyor has then knocked 15% which is 25k off what we listed the property as. Being in London the value hasn't fallen that much and the valuation is totally out of proportion with other properties in the area. The flat opposite mine which is exactly the same build sold for 190k in Jan

Get a second opinion?
It'll cost to get an independant revaluation and may just leave you with the same low valuation but at least you'll be doubly sure of the figures.

sherer

neverdespairgirl wrote: »

What was yours valued at now?

valued at 150k which seems far too low. Although in a few weeks time it might get to that valuation.

I am disputing this at the moment

neverdespairgirl

£190k in Jan down to £150k now doesn't look that ridiculous to me. Bear in mind that the Jan sale would've been agreed 2-3 months before that, so over a year ago, now.

sherer

teeboy123 wrote: »

Just found this quote while googling:

"Existing tracker customers at Alliance & Leicester will benefit from the full 1% reduction in the Bank of England's base rate with effect from 1 January. From 2 January, Alliance & Leicester's Standard Variable Rate (SVR) is reducing, down to 5.34% from 5.84%. All of Alliance & Leicester's mortgage products are available to existing customers, enabling those on SVR to swap to a new deal if it suits their needs better.."

It was found at this site: http://www.easier.com/view/Finance/Mortgages/News/article-221408.html

I can't find it anywhere else, but it looks like the SVR will only go down .5%.

Luckily I find myself on an SVR - 1.8% deal, but most of that 1.8% has been swallowed up now by A+Ls failure to pass on the rate cuts...

T

just got my letter from A+L about going onto thhe SVR and it states 5.84 as the SVR

A quick look here shows it as still 5.84% too

http://www.alliance-leicester.co.uk/mortgages/mortgage-rates.aspx

jaigo76

Got my letter from A&L the other day saying the SVR has gone down to 5.84. Lets wait till Jan to see if it does go down to 5.34... which means another round of delayed letters!

jaigo76

A&L have updated their website... it shows 5.34 as SVR, and have introduced a few more fixed rates

arunadasi

In October, A&L wrote to say they are reducing my rate by 0.500%, from November.
In November, they wrote to say they are going down by 1.500%, from December.
In December, it was 1.000%, from January.

My interest has halved since July, and I'm not complaining. I wouldn't object to more, though! My interest rate is now 2.99%

rbambrough

I'm on Alliance and Leicester SVR from end of Feb. For info purposes to anyone else here, I phoned them last night to check what deals they could offer and about property valuation, etc. They basically offered me exactly what I would have been entitled to as a new customer. The valuation of properties that they use is based on the Halifax Property Price Index (see http://www.hbosplc.com/economy/HousingResearch.asp) and properties are revalued quarterly - the next revaluation being at the end of January (which will probably be significant - around 6-7% lower). So if you're teetering on the bring of loan-to-value rates and want to remortgage, I wouldn't hang around!.....