Halifax/BOS Home Loan Rate?

-monky-

Hi

I have had a 3yr fixed rate with Bank of Scotland, which comes to an end next month. They have just written to me to advise me that when it ends I will join their standard variable rate, but it's not exactly what I was expecting!

They have said I will move onto this:

Type of Product: Home Loan Rate (standard variable rate)
Loan Type Number: HVR003
Interest Rate %: 4.840
Early Repayment Charges: No

BUT...according to HBOS website, the "standard variable" rate is currently set at 3.5%. Can somebody explain to me how they have what appears to be a "two tier" standard variable rate? I thought two-tier rates were done away with by the ombudsmen around 2001.

Can anyone shed any light on this?

Thanks

flyingbanana_2

i have just got this letter as well, this morning, and to say the least am very shcoked!!!!! Going to be on the phone to them first thing but if anyone has any information on this then that would be great.

Have you contacted BOS too?

beecher

I remember a thread which talked about the fact that the BoS had a different SVR from Halifax. Definitely phone them up - you might be better off looking at what new deals you can get.

-monky-

flyingbanana wrote: »

Have you contacted BOS too?

not yet - i only got the letter yesterday evening. if you get any info when you call them i'd be interested to hear it. i probably won't be able to ring them until monday but i will post what i find eventually.

payless

BoS SVR is 4.84%
Halifax SVr is 3.5%
both of these lenders were part of the HBOS group but operately seperately - as did their other brands including IF, BM etc.

They now are part of LloydsBanking Group
who also own C&G , Lloyds, Scot Widows mortgage brands ... again with different SVR ( well C&G / Lloyds now part of the same at 2.5%) SW 3.99%

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remember though some lenders have slightly different named multiple SVRs, or deals sometimes move onto a tracker based product .. so what you read on websites as SVR might not be what you get