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Derbyshire SVR
Varvell
Posts: 4 Newbie
Just coming to the end of a 3 year fixed rate at 5.75% with Derbyshire (we were previously with Kensington) and they have informed us we will revert to a variable rate of 6.08% from March.
This has come as quite a shock as we were expecting it to go down to 3.5% as now part of Nationwide (Mortgage Introducer article 9 Jan). Has anyone else had this problem please and what is the best way to challenge it? Thanks
This has come as quite a shock as we were expecting it to go down to 3.5% as now part of Nationwide (Mortgage Introducer article 9 Jan). Has anyone else had this problem please and what is the best way to challenge it? Thanks 0
Comments
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Our discount mortgage with the Derbyshire came to an end at the end of Dec 08 and we were put on the Nationwide SVR or Base Mortgage Rate (BMR) as they call it which will reduce to 3% from March 1st so I'm surprised that you are not being offered the same.0
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what is the best way to challenge it?
You get the phone, you ring them up and ask them why the rate is 6.08% when you thought it would be 3.5%. They will give you a response.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Am I right in thinking you are with SALT, a subprime division of Derbyshire BS?0
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I'd no idea that's what it's called, but yes, we originally arranged the remortgage with Kensington via an advisor and at the time had a bad credit history. However we have long since got over those problems and currently have 3 properties with approx value of £600Kand an outstanding mortgage of just £110K. Also Nationwide customers for years, although we may not be their favourites as successfully reclaimed interest charges from them a couple of years ago.0
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