We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Who is passing on the new rate reduction?

1234568»

Comments

  • co123456
    co123456 Posts: 368 Forumite
    Mortgage-free Glee!
    MPD wrote: »
    No, it's supposed to be what it says on the letter. It may just be me (or at least a small group like me). The previous reason for change stated was "Rate Change", the reason stated this time is "Base Rate Guarantee".

    I'll check my policy document and see if I can shed any more light on this. I guess the svr may not be changing after all, but my rate is going down tomorrow.

    Apologies - my humour is 'dry' sometimes....

    It's April Fool's Day tomorrow. I had visions of NR saying they've cut the rate then turning round tomorrow and shouting "APRIL FOOL!" to us loyal customers.

    (For 'Loyal' read 'Locked in')
  • MPD
    MPD Posts: 261 Forumite
    Part of the Furniture 100 Posts
    Checking my letter again it states I will benefit from NRs Base Rate Guarantee as long as an ERC applies, however there is no mention of this in the Offer of Loan.

    It looks like NR are not passing on the cut except to some of those who are "lucky" enough to be tied in. Sorry if I raised anyone's hopes, I shall be more diligent in reading through any documentation in future.
    After years of disappointment with get-rich-quick schemes, I know I'm gonna get rich with this scheme...and quick! - Homer Simpson
  • co123456
    co123456 Posts: 368 Forumite
    Mortgage-free Glee!
    No worries. NR are a booming shambles when it comes to information IMO.

    Due to their miss-wording of a promotion a couple of years ago, I managed to agree a settlement fee from them of £200.

    I'm currently complaining to them about changes to T&Cs which I wasn't informed of..... I'm chancing my luck a little and kind of banking on the possibility that NR's T&Cs aren't exactly watertight and that they'd rather pay me a small amount of cash rather than me 'wasting their time' going all the way to the ombudsman.
  • koexelek
    koexelek Posts: 7,847 Forumite
    Apologies - my humour is 'dry' sometimes....

    It's April Fool's Day tomorrow. I had visions of NR saying they've cut the rate then turning round tomorrow and shouting "APRIL FOOL!" to us loyal customers.

    (For 'Loyal' read 'Locked in')

    Yes, April Fool, we aren't cutting the rate, we are increasing it :eek:

    like your sense of humour though
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.