Standard Life Whas going about the last rate cut and this one??

Baggieboy_2

I'm afraid you're starting to look a bit silly now. Exactly what is incorrect my previous post?

Perhaps if you actually read what I say rather than jumping in with both feet it might make more sense to you. The 5% I refer to is for January - not December. I stated that this reduction is a result of the BoE interest rate in December. I did NOT say these would be introduced in December's payments - so I can't see why you state "These rates are not effective yet and therefore can't be considered at the 15th of Decemeber!"

As I say - read carefully next time. To repeat:

There have been two interest rate drops in the last 2 months. In November the interest rate dropped to 3%. The relevent institutions eventually dropped their SVRs to the following:

C&G 5%
Halifax 5%
Abbey 5.44%
SL 6.59% no change.

The futureperfect mortgage rate was then reduced in December to 5.51%.

At the beginning of December a further interest rate resulted in the following SVR reductions

C&G 4%
Halifax 4.75%
Abbey 5.44% (no change)
SL 5.79%

This I would imagine should result in a reduction to around 5% for the Futureperfect in January - although in an earlier post you stated "it will not drop to 5%".

moneyexpertiwish

Baggieboy wrote: »

I'm afraid you're starting to look a bit silly now. Exactly what is incorrect my previous post?

Perhaps if you actually read what I say rather than jumping in with both feet it might make more sense to you. The 5% I refer to is for January - not December. I stated that this reduction is a result of the BoE interest rate in December. I did NOT say these would be introduced in December's payments - so I can't see why you state "These rates are not effective yet and therefore can't be considered at the 15th of Decemeber!"

As I say - read carefully next time. To repeat:

There have been two interest rate drops in the last 2 months. In November the interest rate dropped to 3%. The relevent institutions eventually dropped their SVRs to the following:

C&G 5%
Halifax 5%
Abbey 5.44%
SL 6.59% no change.

The futureperfect mortgage rate was then reduced in December to 5.51%.

At the beginning of December a further interest rate resulted in the following SVR reductions

C&G 4%
Halifax 4.75%
Abbey 5.44% (no change)
SL 5.79%

This I would imagine should result in a reduction to around 5% for the Futureperfect in January - although in an earlier post you stated "it will not drop to 5%".

You were blabbing on about collars and that SL were misleading people by picking and choosing what dates they use in their calculations when in fact there is no collar and defined dates for setting the rates.

I've already told you that the rates will be reviewed on the 15th of January with the rates that become effective at the end of December ie after the 15 December.

At what point did you not read me saying that I was referring to Decembers rate reduction re the 5%?

And just to make you even happier and probably confuse you even more. When the rates are reviewed in January they will probably be effective at the start of Feb. Lets hope there's not another rate change in January to add to your confused state otherwise we'll be getting into March and April. :rotfl:

Baggieboy_2

Right well I'm bailing out here as you're clearly some sort of nut. You clearly have issues with a lot of things. Best of luck, hope you enjoy being a pain in the !!! to some one else.

ronnie101_2

3 month sterling LIBOR is now down to 2.815%; almost 3% below SL's SVR (which doesn't become effective until 31 December).

There had better be another amendment in January :mad:

dunstonh

ronnie101 wrote: »

3 month sterling LIBOR is now down to 2.815%; almost 3% below SL's SVR (which doesn't become effective until 31 December).

There had better be another amendment in January :mad:

LIBOR has to be steady for a sustained period for them to be able to do this. Of course, they may have hedged at a higher rate to protect solvency and now be in the position where they are not able to benefit themselves from the lower rate.

fred456

Any guesses on how long/whether sub-Standard life will/won't pass on the latest January cut in the BOE base rate to its variable rate customers and how long this may/may not take? To the IFA(s) who keeps saying how wonderful Standard Life's mortgage products are on this thread - if that's the kind of advice you give your customers - its no wonder you have the time to make so many posts on this site.

sarahs999

Quite. I just got out of Standard life and with the new rate cut I am now saving over £200 a month. Won't be going with them in the future, was not impressed.

sabretoothtigger

Could be worse, could be with GE money with a rate of 8%

ronnie101_2

3 month LIBOR has continued to fall and now stands at 2.384%. With wholesale credit prices this low, there is little justification for SL's SVR rates being as high as they are. Even if they have hedged rates higher, such options will expire enabling cuts to be passed on. Only time will tell if SL do.

venturer

I don't even know what to say to this....someone must be joking...or making a lot of money... "Following the reduction in the Bank of England base rate by 0.50% on 8 January 2009, Standard Life Bank can confirm that its Freestyle Standard Variable Rate will reduce from 5.79% to 5.54% with effect from 5 February 2009. "