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

gazmona

aitch-aitch wrote: »

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.

just a quick one....
we did the same last year as we kept running short by 16th of ever month, we asked to make payments by the 28th and......the 10 days or so you pay later are not free....in our case nearly £ 200 was added to our motgage or we had the option of paying it straight away.
We are also with the Woolwich !

Mr_Miggins

I have a tracker mortgage with the YBS and have been told by a YBS branch manager that if enough customers complain about their collars, then the YBS management may be forced to take the collars off. So my advice is to write / phone / call in to your local branches and complain. With the BOE rate likely to fall again, this could be very worthwhile.

badboybill

Just a quick note to all those on the Abbey Tracker mortgages.

CHECK your offer letter. You will find that the 13.6 clause was removed from its t&cs. No Collar.

This was covered 2 months ago.

pacman_2

Copy of my mail to Nat Counties

What is happening regarding the collar on tracker mortgages? In the current economic conditions, the BoE has cut rates to alleviate the hardship on borrowers. Abbey, Nationwide and HBOS have led the way on waiving the collar on their trackers. These troubled times call for extraordinary action. It would be good if NCBS could show the benefits of being a mutual building society and share the benefits of the recent cuts.

I'm hoping for a response at least. Even dropping their collar to 2% would be a help. Any borrowers on Nat Counties tracker should od the same to put a bit of pressure on them.

brooka68

I have sent a similar complaint email...

paulwest101

Dont know if its for all Trackers from the skipton

but my caped rate , base rate tracker with the skipton has droped below the 3% coller and now sits the correct .49 above at 2.49%

if anyone wonders about the caped rate bit of my description the rate can never go above 6.1% so last sept with rates on the rise and close to this mark this was a win win morgage canot thank the advisor anouth for talking me out of a fixed rate the only gumble i have is only going for the 5 year one and not the 10 year deal at the time

kje_2

skcollobcat10, I'm on a BOE + 0.75% tracker with the Coventry and I've had a letter with a new mortgage rate of 2.75%.

Charlton_King

What I want to know is why Martin is specifically targetting this particular moneygrabbing practice when we all know that there are plenty of others, from grossly inflated 'arrangement fees' to miserliness in passing on BoE rate cuts.

Why the favoritism, Martin?

Where are your battle cries against the other bits of lender nastiness, then, eh..?

jasper12

Mr_Miggins wrote: »

I have a tracker mortgage with the YBS and have been told by a YBS branch manager that if enough customers complain about their collars, then the YBS management may be forced to take the collars off. So my advice is to write / phone / call in to your local branches and complain. With the BOE rate likely to fall again, this could be very worthwhile.

Spoke to YBS today and seemingly their tracker collars are under review at the moment and there will be announcement on 15th January.

Keep those fingers crossed folks and keep on with the complaint calls/letter :T

zemoney

skcollobcat10 wrote: »

hello

Does anybody know about Coventry building society?

They don't call it a collar but my mortgage will only go down to 3% and no more. I haven't heard of anybody else with this mortgage lender and just wondered would they abolish it or are they too small a lender?

I'm on BOE + 0.69% and I specifically asked the question of CS as to whether there was a collar. There isn't as one wasn't specified at the time.