Yorkshire Building Society Mortgage

mingleheaven

Does anyone have an offset mortgage with YBS. Do you know if they are going to remove the collar like other banks and building societies.

Part of my mortgage does not have a collar and the other part does so would be interested to find out.

dwsjarcmcd

As far as I'm aware they will not be removing the collar as they were clearly stated within the KFI document.

Markyt

No, they aren't going to remove the collar. They say it was clearly stated in the KFI, so unlike HBOS and others they can enforce it.

mingleheaven

That is a shame. Oh well at least we have part of the mortgage below the collar. The reason for this is that we took out a mortgage in Dec 2004 and it did not say anything about the collar. In March 2005 we took out an additional money and that stated about the collar.

Mr_Miggins

mingleheaven wrote: »

Does anyone have an offset mortgage with YBS. Do you know if they are going to remove the collar like other banks and building societies.

Part of my mortgage does not have a collar and the other part does so would be interested to find out.

Inside info from YBS staff - I was told that if enough YBS customers complain about the collar, then it could be withdrawn - for all YBS tracker mortgages. Other mutuals have withdrawn theirs (Nationwide) - so why not YBS ?

Mr_Miggins

Markyt wrote: »

No, they aren't going to remove the collar. They say it was clearly stated in the KFI, so unlike HBOS and others they can enforce it.

Well, the Nationwide also clearly stated the collar in their KFI, but has still withdrawn it. The Nationwide and YBS are both mutuals, so why the disparity. If the BOE rate falls again (which seems likely), then YBS customers with tracker mortages will feel agrieved that the rate cut is not being passed on.
Poor customer relations on the part of YBS.