Chelsea SVR 5.79% - anything that can be done?

se97dgw

SO now BoE has reduced to 0.5% one would hope that Chelsea would reduce the SVR that I have just fallen onto would reduce slightly..

http://www.thechelsea.co.uk/aboutchelsea/rateinfo.html

although not necessarily, does anyone have any insight? I know Chelsea are trying to recoup losses made on Iceland investments and would try to remortgage but with an LTV of 85% on a buy to let, I feel I am stuffed there.

Anyone have any ideas or do I just need to wait it out?

Thanks

D

samsuka

I have the same issue, a couple of BTL's that were previously on a good fixed rate, are now on the SVR which is higher, despite base rates being 4.5% lower. This has been discussed at length on this forum and the result is that basically we are screwed and that it doesn't look likely that they will cut rates as they are recouping the $50 million Iceland loss, punishing anyone linked to the SVR.

As much as you can do is complain to them directly and put pressure on them. Otherwise we are stuck...

se97dgw

I don't suppose there is a clause on how much they can have their SVR above the base rate is there? like with Abbey..

Mithos

samsuka wrote: »

I have the same issue, a couple of BTL's that were previously on a good fixed rate, are now on the SVR which is higher, despite base rates being 4.5% lower. This has been discussed at length on this forum and the result is that basically we are screwed and that it doesn't look likely that they will cut rates as they are recouping the $50 million Iceland loss, punishing anyone linked to the SVR.

As much as you can do is complain to them directly and put pressure on them. Otherwise we are stuck...

They aren't attempting to recoup anymore. Today they released their annual reports declaring a loss of 29 million So its done and dusted. They effectively have a fresh start...

Reading the report and looking at their products, I now think it unlikely SVR will be reduced greatly in the coming months. But perhaps a little. (IMO!)

lsbright

I am the same and being tucked up with the SVR, I think it is short sighted of the Chelsea as I for one will never mortgage with them again. However their AGM is coming up in April and I think we all need to make a fuss, put in for a vote of no confidence in the board and let our feelings be known.