Alliance & Leicester SVR concern

pritsim

I just spoke to alliance and leicester..they said they still not sure or heard anything abt the reduction in the SVR...she said they probably will but not sure how much by and when....

austinslide

Im in the same situation and am on tenderhooks.
Spoke to A+L last week and, obviously, the person I spoke too didnt know, but expected and announcement this week.
I am desperately hoping for the 1.5% drop. when the 1.5% drop was put in place to try and help the general economic climate, and the PM has been urging banks to pass this on... to not do so seems to be to be an the verge of criminal!!!!
Of course, I wont be surprised if it doesnt happen.
It will be pretty devastating tho.. my LTV is now dreadful.. verging on negative equity and thus remortgage seems pretty much out of the question.
Nightmare!

pritsim

well they know people are losing out on ltvs..so no choice but to stik with them on svr!!..wen i bought my house i had 15% deposit...alliance and leices ter now say i have an LTV OF 87% so only product they offering..are 6.89% fixed for 5 year!!with about 2k start up fees....and become a premier account holder!!and pay more fees...sounds good (not)!!!!!

dmg24

seatzie wrote: »

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!

Sounds like you changed your product around the same time as me, and I am also on a discounted rate. I can't remember them offering a base rate tracker at that time (but my memory is pretty hazy!). I still haven't heard anything, will give them a call in a few days (trying to be patient)!

nicksta27

I would check all of your paperwork as you may revert to a base rate tracker. My 3 year fixed deal ends in January 2009 and I presumed it would go onto the variable rate, but phoned them up and it does in fact go onto a base rate tracker of 0.75% above the base rate for the remaining term of the mortgage.

lizzymouse

I too am playing the waiting game with Alliance and Leicester, i have contacted them several times and all i get is ' no decision yet, still under review'

it is indeed a real stinker if they do not slash their SVR by the full 1.5 %.

As a further cut in the BOE base rate is expected in December or soon after, i can't really see how they can not come down from 6.94% in the near future. Its going to come down, surely, i just hope they pass enough of it on to make a difference to us lot!

If you are with A & L though now (or anyone else for that matter) and you are in or getting close to negative equity, they really have got you hook, line and sinker and unfortunately i now fall into this category.

all we can do is hang on in there and hope for better times - years from now!

peace and love to all A & L mortgage holders:rolleyes:

staffers_2

I am confused... if some people have received letters saying SVR is being cut the full 1.5%, and they only have ONE SVR, then surely that should apply to every customer? They can't selectively pass on a reduction to some customers! I'm calling them today to try and get an answer to this...

{Another fed up A&L Fixed rate mortgage customer, bordering on negative equity!}

austinslide

lizzymouse wrote: »

If you are with A & L though now (or anyone else for that matter) and you are in or getting close to negative equity, they really have got you hook, line and sinker and unfortunately i now fall into this category.

all we can do is hang on in there and hope for better times - years from now!

peace and love to all A & L mortgage holders:rolleyes:

Personally I am probably in an even worse situation as my mortgage is interest only
Not my wisest move financially, but it seemed like a good idea at the time...

I think youre right tho... better times may indeed be years away

sherer

well looks like they have shot themselves in the foot with me and I am off to another lender when my deal expires

jrh20

I suggest everone goes into their local branch and question why they are not following the other leading banks in cutting rates for their customers