Tracker mortgage rates might not drop. Fight back against restrictive 'collars'.

nej

Does anyone know whether Natwest/RBS have a collar at all?

curriej99

Pembersdev wrote: »

I assumed until receiving Martin's weekly update that my Nationwide collar had been reached and that I wouldn't benefit by the latest BoE base rate cut. Hurrah, they have suspended the collar. Good on ya Nationwide. They are also much much quicker than Abbey at passing on the cuts in my own experience.

Crikey you're quick off the mark aren't you?

mfhstid

Gizza-bit wrote: »

Just like Daddy says - my 'woolwich' tracker is just above BOE base rate and will go down with the current rate . . . but . . . I am annoyed that with the base rate dropping on 6th Nov that my repayments on 16th of Month will not go down until 16th December and with the latest reduction they won't go down until 16th January - a 6-week benefit to the societies. *Wonder how will they apply any subsequent increases? That day / week or very soon thereafter for sure??? :-(

Yes, but interest is calculated daily, so you benefit as your mortgage rate changes, which I think is the 1st of month following the MPC decision. So you're not losing out at all in the long-term.

bruisah

ravmania wrote: »

My Abbey mortgage is also Base +.49%. I haven't checked my terms but I'm sure they're the same as yours. I didn't see any decrease in my payment last month and am waiting for this month's payment to see it kick in. The sneaky !!!!!!s! What's the point of a tracker which doesn't track down?!!

Hi,

Take care to note when your provider will review and apply changes to your rate (this should be specified in your mortgage documents). For example, Northern Rock will review my tracker mortgage interest rate on the first working day of the next month following a change in the BoE Repo Rate (base rate).

Any rate change will then apply from the month following the review.

For example, the 1.5% drop that the BoE announced in November, will be reviewed by my provider in December. At this point, I should get a letter informing me that the rate change will be applied in January!

Sounds a bit off that the rate change takes ~two months to filter through, then again, the same will happen if rates go up, so it all balances out anyway...

Regards,

Bruisah

pjshaw

Hi everyone,

Does anyone know what (if anything) Yorkshire Building Society propose to do with their 3% collar? I haven't dug out my key facts document yet, but sods law dictates the collar terms are there in black and white.

What are the chances YBS will follow others and abolish their collar for good publicity...?

Fingers crossed....!

Paul.

abbiemich

I have an offset tracker mortgage with Scottish Widows, they are slightly different as in they have continued to tell me that they 'have not made a decision' about the additional 1% cut this month. I have checked my emails from them and in one of the emails they tell me that the tracker rate follows the Bank Of England rate. The Key Facts Document mentions nothing of a collar but does say that the rate it tracks is the Scottish Widows bank base rate!! What should I do?

aitch-aitch

lorrmac wrote: »

I have a Woolwich tracker and had several cuts last year, Haven't had any correspondence re either of latest cuts. My actual payments only change annually (Nov), so i may not know until next October! Although any cut will still be reflected in interest calculations

I too have a Woolwich Tracker which has an annual review of October. Have spoken to my broker today who said that the payment will be adjusted then but that if we ring the Woolwich they should adjust the payments from next month. As I can afford it at the moment we are going to carry on paying the same amount and then hopefully get a nice big reduction next year:j

Also had an issue with Woolwich taking DD on 16th of the month which they can't change. When I spoke to them they said that I can pay by SO on 28th with no penalty so that's what I've done. Effectively if you get paid monthly towards the end of the month this gives you a month free or mortgage payment - well worth it.

foreversummer

abbiemich wrote: »

I have checked my emails from them and in one of the emails they tell me that the tracker rate follows the Bank Of England rate.

Print it off and keep it somewhere very safe in case you need it.

Foreversummer

TechnoBoy

Another request for Martin & Co. to investigate and report on the Woolwich/Barclays changing their wording of the Barclays Base Rate.

If there was ever the possibility to be the first to 'Break' a meaty story he's one before us all.

Thank you.

donglemouse

payless wrote: »

does read right now

also do you have a press release to confirm Halifax have abolished - I was told yesterday it was still there , just not enforced

i know intelligent finance are owned by halifax

am i correct that IF will follow the same line as halifax on trackers?