A&L My disgust at their SVR

Sherbet66

I would strongly urge every single person who reads this and has a mortgage with A&L to phone them and complain about the way that they have handled their reviews of their SVR. Its a disgrace. My grievance is with the following practice;

1. Unacceptable delays when reviewing their SVR
2. Increasing their SVR fully in line with BOE rate, then when the BOE falls offering scant reduction.

For the thousands of people who are on A&L SVR trackers this policy is having a catastrophic effect on their household finances. Countless people in this situation have posted that they have little choice but to jump ship once their deal ends, due to their unbelievably high SVR.
Phone and let them know that this policy is directly causing them to haemorrhage custom, perhaps if enough people contact A&L then this might play some small part in their decision making process. God i hope so as like many others i paid thousands in mortgage arrangements fee to be right royally screwed over.

C'mon, get mad!

Contact them on 0844 5619790 and register your complaint.

beecher

Catastrophic effect? The SVR has come down by over 2% since October. If you think it is 'unbelievably high' then I dread to think what you'll think when interest rates go back up again.

If you wanted a rate which tracked the BoE base rate you should've got a tracker.

Also, you didn't pay thousands in mortgage arrangement fees to go onto the SVR - you paid them for your fixed rate/tracker rate deals which have come to an end.

1978

Sherbet66 wrote: »

I would strongly urge every single person who reads this and has a mortgage with A&L to phone them and complain about the way that they have handled their reviews of their SVR. Its a disgrace. My grievance is with the following practice;

1. Unacceptable delays when reviewing their SVR
2. Increasing their SVR fully in line with BOE rate, then when the BOE falls offering scant reduction.

For the thousands of people who are on A&L SVR trackers this policy is having a catastrophic effect on their household finances. Countless people in this situation have posted that they have little choice but to jump ship once their deal ends, due to their unbelievably high SVR.
Phone and let them know that this policy is directly causing them to haemorrhage custom, perhaps if enough people contact A&L then this might play some small part in their decision making process. God i hope so as like many others i paid thousands in mortgage arrangements fee to be right royally screwed over.

C'mon, get mad!

Contact them on 0844 5619790 and register your complaint.

The SVR is still less than one part of my mortgage with them (fixed for 2 years at 5.89% - dating from summer 2007), this will be dropping onto the SVR soon.

The other part was at 4.64% (fixed for 3 years early 2006) and has just dropped onto BOE +0.99%. I thought most taken around that time did the same.

Are many going to be that worse off, or are they just upset that other banks are offering better SVRs? Obviously, I would prefer a lower SVR too, mind.

dunstonh

1. Unacceptable delays when reviewing their SVR

It's their business and they can decide when its right to review it.

For the thousands of people who are on A&L SVR trackers this policy is having a catastrophic effect on their household finances.

Rubbish. The rate is below the long term average and if they cannot afford it then it indicates problems in other areas. Nothing to do with the mortgage.

Countless people in this situation have posted that they have little choice but to jump ship once their deal ends, due to their unbelievably high SVR.

Thank goodness for consumer choice then. If you dont like it you go elsewhere.

Phone and let them know that this policy is directly causing them to haemorrhage custom

Have you not considered that it is possibly part of the plan to reduce their mortgage book?

God i hope so as like many others i paid thousands in mortgage arrangements fee to be right royally screwed over.

You mean you bought a product that you knew the terms of before you started and now you want to screw the lender but make out it is you being screwed?

If you wanted to be on a BoE tracker then why didnt you buy one of those? Complaining that the SVR isnt tracking when the product isnt mean to is a bit pointless.

payless

I believe A&L will consider alternative new products for those moving onto SVR.. although think they will take LTV to account, so higher LTV may have little or no choice - but worth a call.

That saidI do feel an eye should be kept on the lenders , who possibly are taking advantage of the situation with their SVR book..( especialluy as people's circumstances may now mean they are less likely to be able to swap),

maybe a cap based on margin over base or libor depending on type of original product type : prime, credit history , self cert etc..

dannykos

i'll be contacting them later - as my 2.05% SVR discount runs out 30th April. I wonder if they'll offer any sort of bespoke deals to retain my custom. LTV for me is around the 60% mark, depending how you calculate it.

If I get any interesting info - i'll post it up...

latecomer

We took out a 5 year fixed mortgage last feb and its not dropped. Its just outrageous, how can they reduce other peoples rates and not my fixed one. Perhaps I should complain to......anyone who will listen :rolleyes:

System

payless wrote: »

That saidI do feel an eye should be kept on the lenders , who possibly are taking advantage of the situation with their SVR book..( especialluy as people's circumstances may now mean they are less likely to be able to swap),

Indeed, the whole concept of "competition" which forces any company to be competive has gone in a lot of cases as lenders know a lot of their customers have no choice but to stay put, so they can effectively charge what they like.

Hucks77

Northern Rock had a very high svr for quite a while and in doing so drove 18BN back into the coffers by way of redemptions. This has allowed them to pay back a large part of government funding which is a good thing.

My abbey mortgage was a 2 yr fix at 5.39% - the svr then was 7.05%. I braced myself for the £165 increase by shifting a loan as my fix finishes. The svr is now 4.69%, bonus!
Most fixed rates were over and above what the svr is now.

If you can't afford a house on the interest rates as they are now then consider having a mortgage at all.
Sooner or later they will go up, in many ways lets help we need never have near zero rates again!!

dannykos

HAHAHA... so basically A&L have NO interest in retaining my business. They told me that the only deals available to me are those available to everyone else. 2yr BoE tracker +2.04% with 2% fee - yeah right!!

So - i'm off to First Direct, or wherever... ciao :j