Alliance & Leicester SVR concern

dmaidmen

Thanks for that Fliss Just anoyed that I didn't spot the change.

At least A&L have passed on some of the cut recently although they are still way above a lot of other lenders.

rlc22

agile83 wrote: »

This is also good news for myself and partner. We are currently on a 5.87% fix until sept 09 - Hopefully we will be looking at 5% SVR by then. Fingers crossed.

We are currently on a 30 year mortgage - Would A & L have any reservations about putting us down to a 20 or 25 year mortgage if we asked? Could we negotiate this in september?

We're in a similar situation with a 30 year mortgage. We thought about reducing the term, but have decided to overpay as if it were a 20 year mortgage as that then gives us some flexibility if we can't always make the additional payment.

gmj_3

Hi
Has anyone had a letter recently from A+L about their latest cut (on their web site it seems SVR is now down 0.25% to 5.09%)?

The last communication I had from them was dated "December 2008" which is when they reduced SVR to 5.34%.

I have three years left on a 1.8% SVR discount which is reasonable enough - for as long as they pass the base rate cuts on. They really do seem very slow. But - as many have said - they don't seem to care that much. I'll stick this out though for the next three years.

thanks

KILOCHARLIE

A&L's SVR is a joke!!!

5.09% - passed on hardly anything compared to what the base rate is. Other lenders SVR's are much lower! After each BOE cut I check the SVR and you're lucky if they pass on 20% of whats been cut.

This coupled with a stupidly high £295 exit fee, plus a whopping 3% ERC if you ever wanted out of your fixed rate makes them one of the most scandalous banks out there. Steath taxes all round!! Won't be using them again once I have a new mortgage sorted - SCUM!

Wish they would have been bailed out as I'm sure they'd be under more pressure and then would have passed on the cuts!

dmaidmen

So the BOE have cut another .5% off the base rate which is now down at 1%. I wonder if A&L will follow suite? Does anyone know where they publish their decision or do you just have to check the rates page now and again?

The bbc already have the following banks listed as passing on the full .5%:

Halifax Bank of Scotland (HBOS), Woolwich, and Skipton Building Society have all announced they will pass on the half a percentage point cut. Lloyds TSB and Cheltenham and Gloucester also said they would pass on the rate cut.

Duncan

tbrain

A&L usually delay any decision on SVR changes until the end of the month. Given that it's a 0.5% BOE base rate change, I'd expect A&L to drop their SVR by 0.25% to 4.84% towards the end of February...

gmj_3

tbrain wrote: »

A&L usually delay any decision on SVR changes until the end of the month. Given that it's a 0.5% BOE base rate change, I'd expect A&L to drop their SVR by 0.25% to 4.84% towards the end of February...

Well they have finally sent me a letter - arrived today 13 February - dated "January 2009" - cutting my rate (which is linked to the SVR, currently 5.09).

They are still probably due to announce a further cut - no doubt another miserly 0.25% cut. They really are very slow to respond, but at least they are consistently so!

arunadasi

gmj wrote: »

They are still probably due to announce a further cut - no doubt another miserly 0.25% cut. They really are very slow to respond, but at least they are consistently so!

No, they cut 50%, just got my letter. I'm now down to 1.99%

dannykos

arunadasi wrote: »

No, they cut 50%, just got my letter. I'm now down to 1.99%

not sure what you actually said there... but they haven't dropped their SVR at all yet, following the Feb BoE decision to cut the base rate by 0.5%

arunadasi

gmj wrote: »

They are still probably due to announce a further cut - no doubt another miserly 0.25% cut. They really are very slow to respond, but at least they are consistently so!

No, they cut 50%, just got my letter. I'm now down to 1.99%