Leeds Building Society Mortage Rate Reduction

KPearson

Despite numerous calls to Leeds building Society and assurances over 3 weeks that a decision on cutting their mortage rate "will be made in a few days", they still won't make a commitment about cutting their mortgage rate.

This really effects people with a Leeds Mortgage and we're being treated with utter contempt. All the other major lenders dropped their rates within 48 hours of the rate cut yet Leeds are willing to watch their customer suffer in the run-up to Christmas by dithering on a decision.

Anyone with a Leeds mortgage or anyone who feels this is totally unfair, PLEASE click the following link to sign my petition. I desperately want to show the management at Leeds that what they are doing is completely unfair and they cannot keep toying with their cutomers finances in this way.

http://www.petition.fm/petitions/leedsmortgagerates/

PLEASE, PLEASE help customers of this organsiation by signing the petition so we can force pressure on the managment of Leeds Building Society to pass on the rate cut to their mortgage customers.

Thanks in advance

lisyloo

Well I admire your willingness to do something., but I think you are living in a dream world if you think a petition would make one iota of difference.

matt83uk

A&L hasn't even decided yet, FirstDirect only did the other week, and while some of the big bail out banks made announcements due to government pressure 48hrs isn't really enough time to evaluate how feasible a rate cut is, for example today (YES JUST TODAY) has the 3 month libor fell below 4% and given the complexity of their borrowing the degree to how much it is linked to this will vary significantly. Also, the SVR drops annouced the the major banks don't come into effect before December anyway, some as late as Jan. I think you should at least wait till the end of month before starting a petition.

Sidfletcher

KPearson wrote: »

Despite numerous calls to Leeds building Society and assurances over 3 weeks that a decision on cutting their mortage rate "will be made in a few days", they still won't make a commitment about cutting their mortgage rate.

This really effects people with a Leeds Mortgage and we're being treated with utter contempt. All the other major lenders dropped their rates within 48 hours of the rate cut yet Leeds are willing to watch their customer suffer in the run-up to Christmas by dithering on a decision.

Hi K - spot on with this. I banged a letter off to the chief exec today to complain, quoting the fact that the Leeds and Chelsea are the only "non problem affected" institutions left not to announce a cut (apart from the already competitive 6.6% svr Yorkshire). Every other non-announcer in the top 20 banks/bldg socs has publicised problems, and even they are in the minority.
Problems at the Leeds? Now there's an idea. Fancy spreading a rumour and a bit of short-selling?

Sidfletcher

matt83uk wrote: »

A&L hasn't even decided yet, FirstDirect only did the other week, and while some of the big bail out banks made announcements due to government pressure 48hrs isn't really enough time to evaluate how feasible a rate cut is, for example today (YES JUST TODAY) has the 3 month libor fell below 4% and given the complexity of their borrowing the degree to how much it is linked to this will vary significantly. Also, the SVR drops annouced the the major banks don't come into effect before December anyway, some as late as Jan. I think you should at least wait till the end of month before starting a petition.

Matt I think the reason that K is starting a petition might have something to do with this information on cuts anounced by the top 10 mutuals

Nationwide - announced
Britannia - announced
Yorkshire - SVR of 6.6% , (such a competitive SVR compared to you, irrelevant whether they've announced or not)
Coventry - announced
Chelsea - announced 31/10
Skipton - announced
LEEDS - NOT ANNOUNCED
West Brom - NOT ANNOUNCED
Derbyshire - Now Nationwide
Principality - announced
Cheshire - now Nationwide
Newcastle- announced

As I said, the chief exec of the West Brom resigned last month and they've been in court over "double" svr rates. Problems or what?

Which just leaves the Leeds. What problem have they got that the other 9 haven't exactly which you were somehow trying to explain?

Mister_2

It's comforting to know other people are in the same boat - I thought I was fighting a lone battle. I too have had no reduction in my mortgage with the Leeds since it commenced at the beginning of the year. Myself and my wife have been on the phone to them continually asking what's going on - and all we get is: "They're making a decision".

I think they have already come to a decision: If we hold off long enough, we'll make a lot of money out of this. And if we can irritate our customers long enough, they'll move elsewhere and we can get some of those horrid mortages off our books...

But for those with big redemption penalties, that might not be an option so they have a lot of their customers by the balls. Fortunately for me I have none, so I'm going to move elsewhere. I'm sure the Leeds will be delighted.

Mortgage Express (owned by Bradford and Bingley!) have passed on the change consistantly and without delay. That mortgage I have with them is over £100k higher than my Leeds one, and guess which has the higher monthly replayments? Yep, the mortgage with the Leeds, even though I owe them a hell of a lot less.

Jvic28

I have called Leeds twice and sent them an email to which they replied to all three that they haven't made a decision yet and don't know when they will. This is the email reply I had:

Our standard variable rate is still currently under review following the recent Bank of England rate reductions. Our SVR currently stands at 7.09%
A change to the Society’s SVR is a complex decision and must take into account the interests of both the Society’s borrowers and savers.
Once the decision is made with regards to what change will be implemented, messages will be communicated in the standard ways i.e. Notices in national press (Times & Telegraph) and in the Society’s branches and website.
Based on the current market volatility full consideration needs to be given to all the factors involved and this is the reason that no announcement has yet been made.

I wouldn't hold your breath anyone, they're gonna try and make as much money as possible out of us 1st. Not really fair as if the base rate had gone up I bet they would have raised their SVR in no time.

Jvic28

I just had this email from Leeds:

Good Afternoon,

Following your recent enquiry, after carefully monitoring the market, and taking into account the interests of our Savers and Borrowers, we are pleased to confirm that Leeds Building Society's Standard Variable Rate will be reduced to 5.94% with effect from Monday 1st of December.

Kind regards,

Direct Mortgages
Leeds Building Society
Tel: 08450 50 50 62

matt83uk

1.15% cut - not bad at all..

thewrightpart

Sorry, how can 1.15% be "not bad at all". Base rate reduction was 1.5% and this is what virtually all lenders have passed on.

Nationwide - the bastion of mutallity has a SVR of 4.69%

lisyloo

thewrightpart wrote: »

and this is what virtually all lenders have passed on.

Can you calrify where this information comes from?