Alliance & Leicester SVR concern

Fliss_M

arunadasi wrote: »

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%

Looks like your on the same rate am going to be on come the end of my fixed, a 0.99% tracker. Am extatic, but still annoyed that A&L havent reduced their SVR by that much. And I bet you get .25% of the current cut

dpc197

rbambrough wrote: »

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!.....

did A & L say this to you or are you assuming this because the calculator on the hbos website works in quarters?

the calculator goes up to Q3 (september) which would value my property quite a lot higher than if i included the November and December figures.

if A & L do use this calculator then you're right, get in there now before it gets updated with Q4. I suspect though that they will factor in the Nov/ Dec figures

rbambrough

dpc197 wrote: »

did A & L say this to you or are you assuming this because the calculator on the hbos website works in quarters?

the calculator goes up to Q3 (september) which would value my property quite a lot higher than if i included the November and December figures.

if A & L do use this calculator then you're right, get in there now before it gets updated with Q4. I suspect though that they will factor in the Nov/ Dec figures

I was told on the phone that this is how their valuation process works. They had a specific value for my house on file and I asked how it worked as was told revalued quarterly based on Halifax Price Index. I asked when the last valuation was effective from and was told around October/November time (which would tie in with the end of October 08 Halifax quarterly index figures). Which would mean the next revaluation will be based on the next quarterly figure from end of Jan. As you say, the November and December figures were pretty chunky decreases, so based on that, the next valuation is likely to be around 7% lower at least.

dpc197

no wonder the stewards now say i've got to wait til Feb to renegotiate my mortgage having said all last year that it woud be early Jan when I could apply for new products

thanks for the info

tbrain

For those of you interested, A&L have updated their mortgage product range today...

waves117

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

Fliss_M

well those svr's all look the same as before to me, jumping the gun a little early I think

tbrain

Not the SVR, but products e.g. they've decreased their 5 year fixed rate 75% LTV product from 5.29% to 4.99% etc.

arunadasi

Got my letter today - a further decrease by 50%.
A & L rate is now 2.49%!

I know it won't last forever but for as long as it does it's helping me enormously to get my finances in order.

Sorry -- that should of course be .50%

olly300

arunadasi wrote: »

Got my letter today - a further decrease by 50%.
A & L rate is now 2.49%!

I know it won't last forever but for as long as it does it's helping me enormously to get my finances in order.

Your post is not that clear. I presume you are on a tracker?