Standard Life treating borrowers unfairly !

Teachertim

Standard life have today announced a £933m profit, which is obviously good news ! However, they will not passing on the latest rate cut and their SVR remains one of the highest at 5.34%. Obviously they are trying to encourage as many of their borrowers to redeem and go elsewhere to strengthen their position, but isn't it about time they began to play fairly like everyone else ?

What can we do to put pressure on them ? I know there was a petition online somewhere, coudl we all begin a co-ordinated attack and write to our MP's ?

toonfish

you cannot force them, or any other lender to do anything. I don't know why folk seem to have got it into their heads that the customers should be able to decide business strategy going forward. If you are not happy you need to look at remortgaging elsewhere

beecher

You should've picked a tracker if you wanted your rate to track the BoE base rate.

ILW

As said before, if you do not like their terms take your business elsewhere.

Teachertim

beecher wrote: »

You should've picked a tracker if you wanted your rate to track the BoE base rate.

I didn't ! I'm on a fix which ends in August. My point is that they are trapping people, by not lowering their SVR inline with everyone else people are unable to overpay (I am before you jump down my throat) and so are trapped in a situation where they cannot tackle the negative equity they are undoubtedly in, therefore, they CANNOT remortgage.

My other half and i earn in excess of £80K per year together, in 2006 we took out a professional mortgage for 90% LTV on a 2 bed house (we only borrowed x2 our income, being sensible and prudent). Come August we will be trapped on their high SVR, unable to remortgage to a competitor who is being fair. There are loads of other people trapped in this way by Standard Life and it is unjust.

maninthestreet

If you've only borrowed x2 your income, then you have plenty of scope to overpay (which you seem to be doing), to reduce, or even eliminate your negative equity. Ultimately, the marketplace will decide whether SB's decision not to lower their SVR makes good business sense or not.

Isleman

Teachertim wrote: »

I didn't ! I'm on a fix which ends in August. My point is that they are trapping people, by not lowering their SVR inline with everyone else people are unable to overpay (I am before you jump down my throat) and so are trapped in a situation where they cannot tackle the negative equity they are undoubtedly in, therefore, they CANNOT remortgage.

My other half and i earn in excess of £80K per year together, in 2006 we took out a professional mortgage for 90% LTV on a 2 bed house (we only borrowed x2 our income, being sensible and prudent). Come August we will be trapped on their high SVR, unable to remortgage to a competitor who is being fair. There are loads of other people trapped in this way by Standard Life and it is unjust.

Perfeclty agree with you . There are loads of people trapped by them.
Sub-Standard Life is taking advantage over it's customers and they proved they don't give a s*it about us. Their attitude is "if you don't like it then go away".
I am looking forward for the financial markets to improve and say goodbye for good to SL.
I can't believe sometimes the attitude of some people on these forums.They can't see anything but black and white . The things are not as simple as that . Giving advices like "take your business elsewhere " it shows you they haven't got a clue or the ability to understand how complex somebody situation can be.

beecher

Teachertim, 5.34% is not a high rate and as maninthestreet says you have loads of scope to overpay with 80k coming in. If you can't get your LTV down to 90%, I'd advise going to the Debt Free Wannabee forum for ideas of how to radically change your budget as you should have a lot of leeway to avoid being trapped.

You bought into a pyramid scheme, right at the peak which is a shame, and real bad timing but I'm not sure that it should be Standard Life's priority to sort that out for you.

beecher

I've notice a lot of swearing on these types of threads - are we firmly in the Anger phase now?

Teachertim

beecher wrote: »

Teachertim, 5.34% is not a high rate and as maninthestreet says you have loads of scope to overpay with 80k coming in. If you can't get your LTV down to 90%, I'd advise going to the Debt Free Wannabee forum for ideas of how to radically change your budget as you should have a lot of leeway to avoid being trapped.

You bought into a pyramid scheme, right at the peak which is a shame, and real bad timing but I'm not sure that it should be Standard Life's priority to sort that out for you.

I am afraid you are wrong, when compare to other mainstream lenders, 5.34% is among the highest, only Chelsea have higher I think ?

Most others are now around 4%

ILW

Think they probably pay a fair rate to their savers.