Alliance & Leicester SVR concern

arunadasi

No; I'm on SVR.

Fliss_M

arunadasi wrote: »

No; I'm on SVR.

I would double check that, as the current SVR is 5.34, so a decrease of 0.5 would bring it to 4.84. You may find then when your deal ended you were put on a 0.99%+BOE tracker for the term of the mortgage like many with A&L seem to have been. At the time this tracker wasnt very favourable, but now you couldnt get it if you offered your right and left arm as well as 50% deposit.

arunadasi

I know it's weird. But my records from May 2006 say the following:

"Your mortgage is currently on a 2 year discount mortgage product. UNder the terms Of this product, the interest rate to be charged on your account with effect from 1 June 2006 is the Alliance & Leicester's Standard Variable Rate, which is currently 6.59%.

A payment of £722.86 due on the 30th June etc....."

Fliss_M

arunadasi wrote: »

I know it's weird. But my records from May 2006 say the following:

"Your mortgage is currently on a 2 year discount mortgage product. UNder the terms Of this product, the interest rate to be charged on your account with effect from 1 June 2006 is the Alliance & Leicester's Standard Variable Rate, which is currently 6.59%.

A payment of £722.86 due on the 30th June etc....."

Yes that is weird. Well, if their only gonna charge you SVR at 2.49% I would keep shtum. Ether they have mucked up or theres another rate that kicked in at the end of the 2 year deal you signed in may 06.

arunadasi

Fliss_M wrote: »

Yes that is weird. Well, if their only gonna charge you SVR at 2.49% I would keep shtum. Ether they have mucked up or theres another rate that kicked in at the end of the 2 year deal you signed in may 06.

Sshhhhhhh..... very shhh. I just don't want to know!;)

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pineapple

I have a one year discounted flexible base rate tracker mortgage which I have had for about 7 years. But the payments have been going down and down and I have just been notified that the rate from February will be 2.45%. The original discount was 2.50% so I am wondering if they have made a mistake and I am still on the discount.
Here's a moral conundrum - to query or not to query? Or am I missing something?

pineapple

Aha I have worked it out. The small print says that after the discounted period, the rate will be .95% above the base rate. I still don't get the discrepancy with the rates advertised online though

linzloo

whoop whoop-Ive just found out Im on the same deal-0.99% above Bank of England base rate-a saving of £140/month from April (assuming the rate stays the same).
A&L didnt offer that info easily tho!!

Thanks very much Mr Bank of England bossman-who ever you are-keep up the good work!!:beer:

Fliss_M

Congrates Linzloo, am just fearfull now of the future, as untill the housing market picks up I cant move and currently I desided its best to use the extra money to pay the credit cards off, so if rates then hit 8% I hit 8.99%. But I would be in this position had it been SVR anyway, posibly worse were we to hit 8%. Well, fingers crossed it rises slowly over 2010 and stops around 4-5%. I'd be happy with that.

algar5

Would appear they have just reduced their SVR to 5.09%. It's shown on the Alliance & Leicester Website.