How many nationwide tracker customers have not had the collar enforced?

bclark

I seem to have read quite a few posts on here recently where nationwide tracker customers have received a letter informing tham that their rate has been dropped to below the 2% that they previously stated that their tracker was going to hold at.

I for one have not received this letter and I am a bit concerned that other peoples rates have dropped but mine hasn't. Am I alone in my rate not dropping or are those who have had the letter in the minority?

brixham

Got the letter Monday dropped to 1.84%.
Anyone fancy contacting them to find out whats going on ?

shorehambeach

Hello

My collar was 2.75 at .64 above (signed up for it Aug 2008)

Now they dropped the collar to 2.00

They have written to me to say

We are enforcing the collar @ 2% so you dont get the benefit of the recent drop.

We reserve the right to enforce the collar and re-apply it at 2.75


I have hugely benefitted from their generosity of dropping it from 2.75 to 2.00 bear in mind I signed uop only in September so my payments have fallen off the cliff.

HOWEVER - I wonder (even though its to my benefit) if this is breach of contract as my KEYFACTS state that the collar is at 2.75 and can't fall below 2.75 + 0.64

Although they are allowed to change the terms and conditions in some way - this is a huge breach of contract as they are altering one of the key parts.

Your constructive thoughts welcome

bclark

Thats pretty much where I am. I was not aware of the collar at the time of taking out the mortgage but i don't mind it as my rate is now 2.18% and that is very low. I don't mind them fixing the collar at 2% but I would be annoyed if others were dropping below that and not mine.

lizzie_dripping

I am on BOE + 0.64% and got a letter with a rate drop to 2.14%.

Howev I notice that the details of my rate has disappeared from my online mortgage account details.

humfer

I am on a 2yr tracker at 0.07% below base rate. My letter a couple of weeks ago said that the floor was now fixed at 2% and so my rate will stay the same as January's payment, i.e. 1.93%

Phoned up yesterday as I cannot find my KFI just to ask them to confirm it was on there. Its strange how some have been told they will have the rate past on when others have had the new collar imposed. Maybe its certain batches of mortgages done at certain times. Mine was approved Nov/Dec 07

tartanterra

shorehambeach wrote: »

Hello

My collar was 2.75 at .64 above (signed up for it Aug 2008)

Now they dropped the collar to 2.00

They have written to me to say

We are enforcing the collar @ 2% so you dont get the benefit of the recent drop.

We reserve the right to enforce the collar and re-apply it at 2.75


I have hugely benefitted from their generosity of dropping it from 2.75 to 2.00 bear in mind I signed uop only in September so my payments have fallen off the cliff.

HOWEVER - I wonder (even though its to my benefit) if this is breach of contract as my KEYFACTS state that the collar is at 2.75 and can't fall below 2.75 + 0.64

Although they are allowed to change the terms and conditions in some way - this is a huge breach of contract as they are altering one of the key parts.

Your constructive thoughts welcome

Don't really understand this post.

Are you saying they should enforce the 2.75% collar?:rolleyes:

You state your payments "have fallen off the cliff", then appear to be complaining that they have changed the T&C's to your own benefit!

Frankly, I'm over the moon to be paying 2.14%. A year ago, I would have crawled over broken glass to get a rate like that!:D

Funnily enough, your not the only person who appears to be complaining about the 2.75% collar not being enforced. There have been quite a few posts about it since they announced it.

There appears to be some sort of collective madness going around......................:p

Joe_Bloggs

My collar was 2.75% Nationwide have generously given me 2% plus my tracker offset of 0.24%. So they have given me a 0.5% interest rate reduction on the collar, that was not in any terms and conditions. This certainly benefits me. This could be classed as a members benefit from a non profit making building society.
J_B.

Grolsch30

They've not enforced my collar @ 2.65%

I'm now on 1.38% but sadly my deals runs out in July!

Dr_Robert

My collar has not been enforced. My rate is BOE+.34%. The last letter did not contain the clause indicating that the collar would be enforced that the previous ones had. The mortgage began November '07.
I have also just recieved my anual statement which confirms the rate at 1.84%.

I wonder if Nationwide believe that mortgages at specific rates or dates may not contain the collar information on the KFI, and rather than wade through them to find which ones may or may not be affected, it is simply easier and cheaper to not enforce.

dawny10

I am on the BOE +0.34 lifetime tracker, arranged early 2008. I have had the collar enforced.