Alliance & Leicester SVR concern

jonnyenglish

I have had a look at the T & Cs of my mortgage agreement and it says the product I signed up for is a Standard Variable Rate with Monthly Flexible features.... do those last three words suggest it might track the base rate? I can see what you mean from the force wording though.

matt83uk

Hmm that does indeed sound like SVR... Hopefully then Awaits the post!

traveling-wilbury

Sorry to burst anyones bubble, a&l svr remains 6.94%. they are still waiting for an announcement. only brt will have changed.

moderngirl

I got home from work yesterday and opened a letter from A&L stating they had reduced the rate by 1.5%, and my new rate is 3.25%.

I am very happy now

jaigo76

This all sounds like good news... hopefully all the letters are in the post. Its just strange they haven't made any announcement of this on their press release website

seatzie

got my letter yesterday too saying they'd knocked 1.5% off my svr rate, happy days just before christmas too

mine is definitely not a tracker, when I moved I picked a discount off svr just to see how the turmoil was gonna weigh up over the 2 years that my ongoing fixed rate had left to run, there were other reasons we didn't tie in to a fixed rate etc

funny thing is the fixed rate which at 4.69% was looking great while base rate was up at 5% now looks crap lol!
but I'll worry about that next year when it expires lol!

fusar

Hello,

I have recently come off an A&L fixed rate too, and I am now on the SVR. It appears that some people have been lucky in receiving letters in the posts above, stating that their SVR's will be dropped by 1.5%. Just a quick question.... when the SVR is dropped, it has to be the same for everyone on the SVR right? They can't pick and choose which customers on their SVR gets the rate and which don't? According to the posts above, their SVR's are going to be reduced for their December payment, whereas I haven't received a letter yet...?

Many thanks

jrh20

Sounds like you were lucky enough to get the Base Rate variable after your fixed term finished, my mate got the same. Nope us people on their rip off SVR are still getting screwed for 6.94%. I cant move my morgage anywhere becuase i don't own enough of it to get a deal worth going for. Its very depressing looking at cheap rates and knowing i'm stuck with A&L SVR.

jrh20

Check your small print to see if they are moving you off your fix to a base rate variable or their SVR

jrh20

Its frustrating that Santanter oversee Abbey who passed the rate cut on full but A&L just sit their while their SVR customers struggle to provide a good christmas for thier families due to a crippling interest rate.