nationwide tracker mistake

grazer

I like your reply JonnieR - I did the same as you when I read cloud_dogs response.

You mention you'll take a payment holiday - I am going the opposite way and making as much overpayment as possible.

This might be for another thread but with low interest bringing monthly mortgage payments right down - is now the time to attack the level of mortgage, or are the few pennies saved on daily interest a waste compared to savings accounts?

poet123

We got one today too,down to 1.84%,seems they are not enforcing the collar at 2%.

needhelp1_2

This is so unfair. What about the rest of us? Either there is a collar or there isn't.

poet123

We had the collar mentioned on a previous letter,but no mention of it on this one. It also states the SVR is now 3.5%. Maybe it is dependent on other factors,i.e type of deal,etc. I am very pleased though,will be overpaying as much as possible now.

spmc

I had a look for a key facts sheet for the trackers where the collar hasn't been applied and couldn't find one with the other mortgage paperwork - I sorted them out over the phone after an earlier meeting with an advisor by which time the rates and charges had changed from the time of the meeting. I suspect that I may never have received a key facts sheet in which case it may explain why the collar hasn't been applied.

brixham

Got my letter yesterday down to 1.84 (no mention of the collar) for lifetime of mortgage from Jan 08. Am overpaying until rates increase.

GeorgeL

I've also had the letter. It doesn't state the cut amount or the collar level. All it states is how the new interest rate of 1.5% will affect my tracker. On the second page it clearly shows the new rate, which for me is 2.44%. I have a tracker of 0.94% above base taken out in November 08.

cloud_dog

JonnieR wrote: »

I think you will find that the man is right. I got one yesterday too...my two rates are down to 2.14 (+0.64%) and 1.69 (+0.19%)...with the total payments coming down by about 30 quid. Result:beer: (if it's not an admin error anyway). I'm now going on a payment holiday and sticking the money in a savings account.

Jonnie - Nice post

I merely responded to the OP’s post with the info at hand. We are on a tracker with 2.75% collar, +0.29% over BR and the letter we received stated that whilst they had passed on the cut previously, bellow the collar, they were not going to pass it on this time.

Will be interested to see what happens on 1st Feb.

poet123

Our collar was at 2.63% as per our last letter,which also said that they were enforcing the collar. Then yesterday the letter said our new rate was 1.84%(obviously below the collar) and with no mention of the collar. So it seems that they have had a change of heart?

needhelp1_2

Mine hasn't gone down :O(