Alliance & Leicester SVR concern

dpc197

arunadasi wrote: »

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

Dannykos referred to the SVR, you're on a base rate tracker so you should expect your rate to move in line with the BOE rate

A & L haven't dropped their SVR. The day they drop it in full and immediately following a BOE cut will be the day all hell freezes over. Now stop getting me excited!

arunadasi

dpc197 wrote: »

Dannykos referred to the SVR, you're on a base rate tracker so you should expect your rate to move in line with the BOE rate

A & L haven't dropped their SVR. The day they drop it in full and immediately following a BOE cut will be the day all hell freezes over. Now stop getting me excited!

Sorry!
Guess I've been posting on the wrong thread all along. I honestly thought mine was an SVR and only just discovered the truth..

tupelotomemphis

arunadasi wrote: »

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

just got my letter, down to 0.72%
:beer:

MarkyMarkD

KILOCHARLIE wrote: »

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!

KC

That's a bit of a silly post.

The £295 and 3% were both obvious in your original KFI and presumably you were well aware when you decided to choose A&L.

The 3% isn't exceptional - most lenders charge a similar ERC.

The SVR point is a separate matter and rather more relevant to this thread. But given that you are bothered about the SVR, the 3% during the fixed period is a red herring.

mrylandb

Looks like A&L have dropped their SVR by a whopping 0.1%.
Just checked their website and the new deals are staing that the after initial period, the deals will revert to their standard rate, currently 4.99%

My current deal finishes in May and I will be leaving A&L for First Direct.

dmaidmen

mrylandb wrote: »

Looks like A&L have dropped their SVR by a whopping 0.1%.
Just checked their website and the new deals are staing that the after initial period, the deals will revert to their standard rate, currently 4.99%

My current deal finishes in May and I will be leaving A&L for First Direct.

:wall: I'll be joining you unless they can offer existing customers better deals than that. I'd be interested to know what you get offered when you ring up the number for existing customers coming to the end of their deal.

mrylandb

I have already applied for the offset tracker mortgage with FD, so will not even be giving them a chance to offer anything.

I am on a premier SVR tracker -2.45% at the moment, so they will not be able to match anything close to that, or certainly aything that comes without a 1-2% product fee and given that the mortgage will be around £180k, I am not prepared to pay that.

Never had a problem with A&L, but the offset facility with FD makes more sense given the poor savings rates out there now

Time2Go_25

I too will probably end up going elsewhere when mine runs out at the end of September, nothing they have on offer looks worth having. It's a shame really I'm on my 3rd mortgage with them and have never had a problem with them before.

dannykos

spoke to them yesterday - NO offers other than whats on their site were offered to me - byeeeee!!

MarkyMarkD

A&L have always offered the same deals to existing, as to new borrowers. I'm not sure why you'd expect anything better.

A&L priced their mortgages stupidly cheaply prior to the Santander takeover; now they don't need to, to get market share, so they are pricing more sensibly.

@mrylandb - before opting for an offset, because of bad savings rates, consider simply borrowing less money and not having any savings.