Alliance & Leicester SVR concern

sherer

dpc197 wrote: »

I think the 1.1% reduction in SVR is effective from January

Has anyone whose approaching the end of their A & L special rate asked about new deals? Are they just offering the same as what they offer to new customers?

The section of the website for existing customers remortgaging says call a number. Mine doesn't finish til March so they say I'm too early at the moment and won't discuss.

In particular to those who've got high LTV, how are A & L valuing your house for the remortgage?? Do they just apply a house prices index (halifax/nationwide) to the value they recorded at time of original mortgage?

Cheers all

I called them a few weeks ago and got offered 5.59 % fixed for two years with 1% fee and that was on 70% LTV so not a great deal at all. As such i'm off to a Tracker + 1.99 instead

austinslide

dpc197 wrote: »

I think the 1.1% reduction in SVR is effective from January

Has anyone whose approaching the end of their A & L special rate asked about new deals? Are they just offering the same as what they offer to new customers?

The section of the website for existing customers remortgaging says call a number. Mine doesn't finish til March so they say I'm too early at the moment and won't discuss.

In particular to those who've got high LTV, how are A & L valuing your house for the remortgage?? Do they just apply a house prices index (halifax/nationwide) to the value they recorded at time of original mortgage?

Cheers all

When I spoke to them they offered me nothing other than the SVR that I am on. LTV is high anyway, and they actually judge it as negative equity at the mo. The apply the halifax price index.

robbsafc

This is the response I got from A+L when querying them regarding the recent base rate cut, and them only passing 1.1% on. This was my query via the live chat facility. Hope this helps answering someone's questions.


We have passed on the recent Bank of England base rate reduction of 1.5%. For existing customers this will be effective from 1 December 2008. Our Standard Variable Rate is 5.84% this being a reduction of 1.1%.The new rates are applicable from 2 December 2008 for our existing customers. We have taken a number of factors into account when changing the Standard Variable Rate, of which the Bank of England Base Rate is only one. We have to look at pricing in a way that fits in with our business.

pritsim

Originally Posted by dpc197
I think the 1.1% reduction in SVR is effective from January

Has anyone whose approaching the end of their A & L special rate asked about new deals? Are they just offering the same as what they offer to new customers?

The section of the website for existing customers remortgaging says call a number. Mine doesn't finish til March so they say I'm too early at the moment and won't discuss.

In particular to those who've got high LTV, how are A & L valuing your house for the remortgage?? Do they just apply a house prices index (halifax/nationwide) to the value they recorded at time of original mortgage?

Cheers all

they offerd me something like 5.59% fixed for 2 years but then after 3 daysi called them again and they only offered me 6.89 5 yr fixed!! or svr acording to them i have 865 ltv

pixxyco

A&L rate cut is effective from 2nd Dec, and is 1.1% as already stated on this site.

Personnally if I was remortgaging at present I would either look at switching to a bank with low SVR if it has a very low fee with no tie-in, and then wait for the Base Rates to be cut further and then see what was being offered. I was fortunate enough to sign up with First Direct with a great deal just before it was withdrawn when the base rates started being cut - although I told my brother about it, but he decided the bloke down the pub gave better advice, and hense he'll now be paying 2% more when his deal ends in Feb

crewdy123

Great i havnt got a letter yet from A&L from the 1.1 cut now the Base rate has dropped another 1% they will have to go through it again. How slow are they!!! £295 admin charge ill be expecting the paper to be gold plated and hand written!! I spoke to them on the phone and they reccon the admin charge is for all the letters they send us!! What a load of sh**!

But at least the bank of England has dropped the rate again :beer: !!

Lets hope A&L get it sorted its a JOKE.

sherer

my other deal fell through so i'm stuck with A&L at the moment so hope the SVR drops we only got 1.1 of the 1.5% cut last time so we might only get half or less this time there is no gaurantee.

Hopefully with rates this low we might start to get longer fixed deals at a low rate too

MorganW

sherer wrote: »

my other deal fell through so i'm stuck with A&L at the moment so hope the SVR drops we only got 1.1 of the 1.5% cut last time so we might only get half or less this time there is no gaurantee.

Hopefully with rates this low we might start to get longer fixed deals at a low rate too

Once should hope so - querying BBG i can see that the current 2Y and 3Y swap rates (what the mortgage lenders have to pay on the wholesale market, excepting any spread that is loaded on for a not so credit worthy insititution) is approximately 2.9%. Take a look at what the current fixed rates are and you can see that the banks are raking it in.

sherer

MorganW wrote: »

Once should hope so - querying BBG i can see that the current 2Y and 3Y swap rates (what the mortgage lenders have to pay on the wholesale market, excepting any spread that is loaded on for a not so credit worthy insititution) is approximately 2.9%. Take a look at what the current fixed rates are and you can see that the banks are raking it in.

true I asked A & L about a month ago for a offer for a remortgage on my current deal and they offered me 5.59 % I called them yesterday and they still offered me the same deal and said that was the best they had for a remortgage. As the SVR is 5.8 % i'm better off on that.

My valuation on my flat has come in so low i'm having trouble getting a new deal at the moment, the valuation I was given is no where near what my flat is worth but it seems I am at the mercy of surveyors

austinslide

SO.. I guess its here we go again with another month of waiting with bated breath to see what A&L do about todays cut.

Hopegfully they will give us at LEAST 0.75%
Although, having stiffed us on the 1.5%, they can afford to pass this one on in full.