Trackers, collars and the new rate...

matimage

Hi All,
I have a tracker with the Earl Shilton. It has a collar of 3%. They sent me a letter a while saying that the collar is 3% and thats that. Even though lots of other companies are removing or lowering their collars.
Thats fine I thought, thats what I signed up for just over a year ago. I was happy then and had signed the contract.
However, we now live in a very different world from a year ago. And with the latest interest rate cuts I am getting sweet fanny adams from my savings and my mortgage payments are not going down to try and balance this out.
Is it worth giving them a call or writing a letter to see if they may be considering amending the collar?
Now I think the odds are they will tell me to get stuffed, thats the mortgage I signed for so tough titty matey boy.
Now I know there is no such thing as loyalty in the mortgage game anymore so is it even worth asking? But if enough people ask would they feel inclined to review the collar?

surreysaver

That's why they have these clauses - because they know the world can change!

matimage

So suck it up and deal with it?

_Andy_

Nothing to stop you asking but why would they remove the collar? There is zero incentive for them to do so.

matimage

Exactly. So why have the other companies removed theirs?

matimage

No answers forthcoming? Oh well...

dunstonh

So why have the other companies removed theirs?

Because they can afford to. Or perhaps they have decided to hit savers harder to subsidise the drop. Different business models and objectives will see different outcomes to the rates.

matimage

so not worth chasing then?

nesssie1702

You can always ask? What's the worst that they can say to you - No? But if you don't ask, you'll never know.

matimage

Hmm, I guess, fingers crossed!

dunstonh

Banks set the terms of the mortgages at head office on bulk. The chances of them creating a one off mortage package to suit you is highly remote.