Yorkshire building society

lorra62

my 5 year fixed rate of 4.79% at the YBS ends in feb, on every statement i have received it stated that when it ends i will move to 0.75% above baserate. but i have now received a letter stating that I will be moving to a rate of 3.69%. when I phoned they said this is a capped rate. which I find totally unfair, is there anything I can do about it,(even the guy I spoke to was confused at first he told me it would change to 1.25% but when I mentioned the letter, he checked with his supervisor and told be about the cap.
I am seriously thinking about remortgaging now because of this. If I had known earlier that it would be 3.69 and not 1.25. I would of paid the exit fees and moved to a better rate a few years ago.

funscott

I am with YBS on a 0.75% above boe. It boils down to looking at your key facts if it states there is a callor then there is nothing you can do but i do know that my key facts did not states this (took mine out in dec 2004) but i do know they started adding caps shortley after that. looking back at my posts about this YBS say 88% of all trackers have this in their key facts. so i was one of the lucky 12%

dimbo61

I also have just finished my 5 year fix with YBS and am now on a BOE base rate tracker plus 0.75% BUT its got a collar ( not a cap!!!) of 3% so my mortgage would never go below 3.75%.
This is still a good deal so dont be in a big rush to move!!
The BOE rate is 0.5% so I pay 3.75%
If the BOE rate is 1% I pay 3.75%
if the BOE rate is 1.5% I pay 3.75%
IF the BOE rate is 2% I pay 3.75%
If the BOE rate is 2.5% I pay 3.75%
if the BOE rate is 3% I pay 3.75%
Only if the Bank of england rate rises above 3.5% does your mortgage go up
Now the best tracker deal of the market is HSBC at 1.79% above base