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

Aisling108

I've just emailed [EMAIL="news@sky.com"]news@sky.com[/EMAIL] as Kay Burley Did ask viewers to contact with their views on todays latest stories about banks passing on savings etc... so I did. My one email may not make any difference but if we all do it now they might name and shame them. !!!!!!!!!!!!!!!!!!!!!!:money:

Kavanne

I had no idea so many people were on SVRs.... the other side of the coin.. I got a Standard life freestyle tracker in May at BoE + 0.75%... the rate adjusts within 10 working days of the decision... so I will get a letter in a few days telling me my rate is now 2.75%.... I think it tracks for the whole 25 yrs.

EDIT: Got the letter today, my rate decreases from 15 dec!!

wary

Dithering_Dad wrote: »

Does anyone remember their endowment mortgage guarantee...

"Standard Life endowment policyholders received bad news today with the announcement that endowments maturing from 2006 would not be covered by the Company’s “mortgage promise”. In 2000 Standard Life had said that it would guarantee its endowment policies provided it met investment targets."

I always assumed that my best option would be to let my unassigned endowment run to maturity, but now I'm wondering whether I'd be better off cashing it ASAP, despite there only being 4 years of the 25-year term left on it. I'm certainly gonna look into it.

womble23

Just saw the BBC website (http://news.bbc.co.uk/1/hi/business/7766364.stm) and then called Standard Life to confirm, they're only passing on a cut of 0.8 as a result ofthe two base rate cut's.

Isleman

Latest news from subStandard Life:

Standard Life Bank can confirm that, after reviewing our rates for savers and borrowers following the Bank of England rate decreases in November and December, we will only be reducing our variable savings rates by between 0.75% and 1.34% from 10 December 2008.
Our mortgage Standard Variable Rate will be reduced from 6.59% to 5.79% with effect from 31 December 2008.
Read full details about the rates change

Following the link posted above http://news.bbc.co.uk/1/hi/business/7766364.stm

They are in the shamefull top position as the highest SVR according to BBC.
I do hope the Libor market will go back to normality with banks passing the money around and SL will plumet as the customers will start leaving . I will be one of them for sure as soon the market will start to pick up

aceswest

[EMAIL="private.office@hm-treasury.gsi.gov.uk"]private.office@hm-treasury.gsi.gov.uk[/EMAIL] everyone send in an email of complaint against standard life and lets see if these scots in power will apply some pressure on standatd life

Norma_Desmond

We're with SL too and are sick of them - will definately be looking around for another deal after the revelations on here! :mad:

shelboy

I can only add my name to this "disgusted of...." list. I have a buy to let mortgage with Bristol & West and that SVR is now 4.49%, over 1.25% difference. I have always been very pleased with Standard Life and their offset mortgage, but now I think it's time for a change. I will give it a couple of weeks to see if they're shamed into dropping lower.

swimgirl

There is already a petition to "force mortgage lenders to pass on 100% of interest rate cuts to borrowers, instead of profiting from those burdened by debt"
it is here - so come on you lot get signing!

http://petitions.number10.gov.uk/mortgages-co-uk/

I too am fed up with the ridiculous stalling tactics of SL, not passing on the 1.5%, then only dropping the latest cut by 0.8% instead of the full 1%. Also waiting until 31 Dec to do so, so they get another month's high payment out of us before it drops. Conversely, the savings rate has dropped as from next week, and by .75% to 1.34% - more than the mortgage rate.

It's time we all got heavy with them - most of us are not in a position to just shop around but we should all be trying to dump them. Unfortuately this petition is open until October 2009 so son't expect any result just yet! The rates will probably be on
their way back up by then - so it would backfire!

fred456

I agree with what everyone has said re: Sub-Standard Life - they used to be a good organisation before privatisation - but I am definitely thinking of leaving. Generally, anyone on SVRs seem to be the mules that support others on more favourable tracker deals - Sub-Standard Life likes to use spin - on its website - it has its latest spin on why the SVR is only going down 0.8% - whereas because they are contractually bound to decrease tracker rates they have to automatically pass the entire decrease on. Banks have made some poor lending decisions generally - I know someone on a lifetime tracker at 0.17% above BOE Base rate - with a huge mortgage - this is going to be subsidised by the SVR mules - its really not fair.