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

rallan1979

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?!!

I have the same mortgage as you and it does track just takes time to adjust. you'll be benefitting at the minute with a rate of 3.49%. I've just applied for online banking (definately recommend it) so can check my mortgage and looked on the 2nd dec and then the 4th and the rate had dropped :T It takes ages for the letter to come through the post (only just got the one saying it had gone down 0.5% in october!!). Hoping the recent 1% drop will be passed on. Gonna be saving £200 from the highest rate paid over the last year to the current low rate. :rotfl::j :rotfl:

ravmania

rallan1979 wrote: »

I have the same mortgage as you and it does track just takes time to adjust. you'll be benefitting at the minute with a rate of 3.49%. I've just applied for online banking (definately recommend it) so can check my mortgage and looked on the 2nd dec and then the 4th and the rate had dropped :T It takes ages for the letter to come through the post (only just got the one saying it had gone down 0.5% in october!!). Hoping the recent 1% drop will be passed on. Gonna be saving £200 from the highest rate paid over the last year to the current low rate. :rotfl::j :rotfl:

I only have a mortgage with Abbey and no other accounts so didn't know about ibanking. Can you check it all online? That would be amazing. I haven't had any letters from them in ages and would love to check stuff quickly. Will look into it.

holton1981

For all those Scottish Widows people out there on Tracker mortgages, if you've not heard we have a result.

As of 11 December, the Scottish Widows Base Rate is now 2%. Comes into play from 1 January 2009

matimage

Any news on Earl Shilton?

Gorgeous_George

Britannia advised me that their trackers do not have collars :beer: but future trackers may well have a collar attached.

I wonder what my share of the profits will be from this wonderful, mutual society.

GG

mingleheaven

pjshaw wrote: »

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.

I have a YBS tracker mortgages which tracks at 0.75% above BOE. Took it out in Nov 2004 and then additional in March 2005. The first part does not state anything about the collar but the second part does "will not go below 3.75%. I quered this with staff at my local branch and they inform me the the first part should keep falling where as the second part will stay at 3.75% unless the interest rate rises.

Did ask if there were going to remove the collar, think they said they wouldn't be but it could change. I may have to phone the mortgage line tomorrow and check.

I would check your mortgage as the staff told me I am about the only one they know off they will keep falling that was last week so not sure if anyone else has quered it with them.

Let me know how you get on.

matimage

Dammit. Got letter from Earl Shilton and the 3% collar stays! Boooooooo

pacman_2

My mortgage is with Nat Counties, a small building society. The deal is base rate -0.1% which is a bloody good deal for 5 years, taken out in May 07. There is a minimum rate of 3%. Any tips on how to approach them to get them to waive this rare? If Halifax, Abbey and Nationwide have removed them, will that put pressure on othes to follow their lead? These are extraordinary times and mortgage holders need all the help they can get. I think that is part of the rate cutting policy. Don't think Brown and his Darling would be too happy at the cuts not being passed on.

brooka68

pacman wrote: »

My mortgage is with Nat Counties, a small building society. The deal is base rate -0.1% which is a bloody good deal for 5 years, taken out in May 07. There is a minimum rate of 3%. Any tips on how to approach them to get them to waive this rare? If Halifax, Abbey and Nationwide have removed them, will that put pressure on othes to follow their lead? These are extraordinary times and mortgage holders need all the help they can get. I think that is part of the rate cutting policy. Don't think Brown and his Darling would be too happy at the cuts not being passed on.

I'm on exactly the same product taken out in Nov 07. I'll join your crusade.:T

dlethaby

My mortgage also has a collar of 2% on my tracker (Saffron building Society)