Standard variable rate rip off - anything we can do?

Conrad

At another time in your life you will bemoan interest rates are too low on your savings accounts.

I've seen threads on lenders too low savings rates on this very forum!

So if you were head of Chelsea would you forget the needs of savers?

_Andy_

Stuart1 wrote: »

We too are on an interest-only mortgage with the Chelsea 'building society' and being on 6.04% interest instead of 1% has blown our budget - now they keep charging us 35 twice a month for arrears. Is there anything at all we can do about this rip-off?
SF

Why is it a 'rip off'?

sammyjammy

womble77 wrote: »

My current fixed rate deal of 5.39% with Chelsea ends on 1st March when we will go on to their standard rate of 5.79%. This will add an extra £183 per month to our mortgage on an interest only rate.

You've got a rise in interest of 0.4% which is going to result in a rise of £183 on interest only :eek: what kind of a mortgage is that! £550k?

Mithos

Stuart1 wrote: »

We too are on an interest-only mortgage with the Chelsea 'building society' and being on 6.04% interest instead of 1% has blown our budget - now they keep charging us 35 twice a month for arrears. Is there anything at all we can do about this rip-off?
SF

I very much doubt they are charging you two separate fees for the same thing each month. Are you sure the "second" fee isn't for something else? Bounced Direct debits etc. If so cancel it ASAP. I'd also talk to them as well, normally lots of complaints and moans from unhappy people but banks and BS will often be happy to talk to you about fees and terms and conditions. Make a note of what they tell you and come back here with it.

I'm also sorry to say very few mortgage customers, with Chelsea or otherwise, are lucky enough to be on a 1% interest rate so unsure why you are expecting that rate?