Bank of Scotland Fixed Rate ended... please help

stant1man

Hi there,

My wife and I were both really looking forward to our two year fixed rate 5.59 coming to an end so we could enjoy the new reduced interest rates. I received my letter yesterday and it has dropped to only 4.84!!!

It says Home Loan Rate(standard variable rate) 4.84... I feel we are getting done over...

Any advice on this would be greatly appreciated.

Best wishes,


Stan:rolleyes:

_Andy_

Not sure what advice you're after - you're not being 'done over' - it's a variable rate rather than a tracker so there is no obligation for the lender to have it at X% above base rate.

opinions4u

stant1man wrote: »

My wife and I were both really looking forward to our two year fixed rate 5.59 coming to an end so we could enjoy the new reduced interest rates. I received my letter yesterday and it has dropped to only 4.84!!!

It says Home Loan Rate(standard variable rate) 4.84... I feel we are getting done over...

You could try the Alliance and Leicester. Their SVR is 4.99%. Many of the building societies would "do you over" for 5%.

Any advice on this would be greatly appreciated.

You could:

1) Pay the rate - which is what you agreed to do when you borrowed the money.
2) Ask them what alternative products they have available to you.
3) Remortgage to another lender (if you have some equity).

Hope that helps!

It's no more complex than that!

poppy10_2

stant1man wrote: »

I received my letter yesterday and it has dropped to only 4.84!!!

It says Home Loan Rate(standard variable rate) 4.84... I feel we are getting done over...

Wait till interest rates start to rise later this year - with you being stuck on the SVR you will learn what being done over really feels like :rolleyes:

mpg

poppy10 wrote: »

Wait till interest rates start to rise later this year - with you being stuck on the SVR you will learn what being done over really feels like :rolleyes:

I'm looking at changing my mortgage as well

What date is the interest rate going up?

Then i can plan ahead

poppy10_2

mpg wrote: »

I'm looking at changing my mortgage as well

What date is the interest rate going up?

Then i can plan ahead

Thursday 8th April, 12pm.
100% correct, guaranteed.

TighterThanTwoCoatsOfPain

Have a look back at what the rate was going up to at the point you took the mortgage... then be thankful it has actually gone down at all...

Oh, and you arent being "Done over" at all..

mpg

poppy10 wrote: »

Thursday 8th April, 12pm.
100% correct, guaranteed.

You do know that on April 9th if your wrong I'm gonna be back:rotfl:

mpg

poppy10 wrote: »

Thursday 8th April, 12pm.
100% correct, guaranteed.

Wrong:rotfl: