Alliance & Leicester SVR concern

matt83uk

Let's just wait and see, Abbey have apparently committed to the full 1.5% reduction, which fall under the same Santander umbrella, in addition A&L mortgage portfolio is probably just as conversative as Abbey (which previously had same SVR of 6.94%), if A&L don't pass on full then we can assume that Santander hasn't full got their foot through the door yet which would be a shame. Still it looks like A&L will be the last to announce

pritsim

i suppose lets wait and see matt....i m not too hopeful..though..they have already ripped us off this month by not reducing it...and its the 24th and there is no announcement for next month!!

dpc197

matt83uk wrote: »

in addition A&L mortgage portfolio is probably just as conversative as Abbey (which previously had same SVR of 6.94%), if A&L don't pass on full then we can assume that Santander hasn't full got their foot through the door yet which would be a shame. Still it looks like A&L will be the last to announce

not so sure about this. one reason i took my A & L mortgage is that they seemed prepared to lend more than most other lenders including Abbey. our borrowings are quite a bit more than what income multiples methods imply we can borrow. maybe they have got a mortgage book with a very high LTV, in which case they may not pass on the cut......hope i'm wrong though

sherer

I don't think A + L will be passing on these rate drops to their SVR. My deal is expiring and I was checking their web site and even called them before the rate drop of 1.5 %. Their rate before was 6.94 and I waited ages for them to make an announcement and update their website and when they did it was still 6.94.

There are a few A + L people on here and seems we are the ones missing out on the cut at present. Surely they can see the sense in passing this onto us otherwise we are just going to leave

KILOCHARLIE

I spoke to someone at a+l last week and they said although its not been announced it will be dropping the full 1.5% in the next couple of weeks. Seemed pretty truthful although don't quote me.

pritsim

when i asked then last week,they said to me not sure..possibly there will be some cut but dont knw how much,i thik they will make us pay much as they can and for long as they can.i am goin along the lines it will come down to 5.94%,just 1 percent cut..and not full 1.5%..hope i am wrong

jaigo76

I called them last week, they couldn't honestly say if the rates would be coming down or not. Fingers crossed they do. If & when they do reduce the SVR are they inclined to reduce their fixed rates also?

matt83uk

They may do for new customers / remortgages / those-taking-new-products-at-end-of-term, but definitely not to existing customers already locked in on a fixed deal.

jonnyenglish

matt83uk wrote: »

Jonny can you confirm for the readers if this is on the SVR or are you on a BoE tracker where they are legally obliged to pass on?

It's the SVR as I came off my two year fixed rate earlier this year and did not remortgage. Hope that information helps.

matt83uk

Jonny,

Sorry to sound skeptical, are you sure you weren't reverted to a tracker, some of A&L products revert to a BoE tracker insteads of SVR. Just the wording sounds like its forced "We are writing to advise you, under the terms of your mortgage, that the rate of interest payable on this account has been decreased by 1.500%...Payment due from December 2008". Also when ring up still no announcement, unless they let yours slip early?