MSE News: Yorkshire Building Society to buy Egg: How it affects you

ThomasG_2

I'm one those very fortunate people to have taken out the above Egg Mortgage and currently enjoying a rather low interest rate of just 1.49%.

Like a few of the previous forum users I've been able to use the flexibility of the overpayment and drawback facility without penalty (as long as I stay under the agreed re-payment profile).

However I was very concerned when I had the letter on the 7th Sept, that all Mortgages were being transferred over to Yorkshire. Egg made no mention in the transfer paperwork (letter and the booklet) as to what's happening with this Tracker Mortgage. The letter did mention that "For Mortgage Customers whose rate is set at or linked to the Egg or Pi Standard Variable Rate) a move to Yorkshire's lower standard Variable Rate, which at 15 August 2011 is 4.99%."

So I just phoned Egg and spoke to nice lady called Emily who told me over the phone that Yorkshire will honour the above tracker mortgage deal for all existing customers which are currently on this deal (i.e. It will stay at BOE base rate plus 0.99%). The only apparent amendment is that they will change the day the rate changes to the 15th within the same month (I think Egg does this on the 10th although not sure if in the same or following month?).

Anyway, all in all this looks to be very good news for us existing Flexible Tracker customers... :j

I did ask if this could be sent out in writing to existing Flexible Tracker customers, however Emily stated that as there were very few on this type of Mortgage, Egg hasn't done this yet, but we may get some paperwork sent through later.

Hope this helps.

csj_2

Has anyone been able to log in to egg recently. I would like to check my accounts through their aggregator service but the log-in service does not seem to be working. Is this anything to do with the Yorkshire buy-out I wonder?

propellerhed

ThomasG - have you had any more information through? I too am on the 1.49% tracker but haven't had any written confirmation that the rate won't change as part of the buyout.

AirlieBird

The transfer of Egg savings and mortgage accounts to Yorkshire Builiding Society has been approved and will take place on Monday (31 October)

http://new.egg.com/visitor/0,,3_121084--View_2617,00.html

BobQ

brewerdave wrote: »

Obviously "Egg" are having a clear out - both my wife and I had several old Egg Internet savers paying ~ 1% interest which we hadn't used for a long time (since bonuses ended), containing very small amounts - we received letters saying basically "use them or lose them" - took great delight in telling them to close all accounts and transfer monies to our current account - one of the transfers was for 1p!!!

I only left my few pence in to avoid the need to re-assert my identity were they ever to offer more interest.

When will these financial institutions realise how much they waste in continual checks of this kind.

TrulyMadly

Is anyone aware whether you can transfer to a YBS savings account online from an egg savings account easily.ie or do you still have to go in branch at YBS and show ID etc. Thank you

meggsy

TrulyMadly wrote: »

Is anyone aware whether you can transfer to a YBS savings account online from an egg savings account easily.

I would be interested in an answer to this as well, anyone know what is happening now ?

kar999

There's nothing on the Egg Site Map that indicates there is such a facility. All that is listed are the old Egg savings products which can still be serviced online as normal.

sparkii

re new set of T&C's issued by YBS (effective from the 24th September 2012) for existing Egg EMS Offset mortgage / tracker accounts.
Section 15.3 Basically states that they can close anyone's Offset Savings Account and they don't have or give a reason!
Section 15.4 Then goes on to say that you can't have an Egg EMS Tracker mortgage without the offset account! Either the mortgage has to be repaid or YBS will transfer your mortgage account to the most similar account they currently offer (bet that'll be a good deal - NOT!)

Looks like the end of the road is in sight, it was a damn good deal while it lasted. I've been paying 1.25% for some time now. Seems grossly unfair that they can end my mortgage just like that. After all back in the 1980's when mortgage interest rates soared to 14 - 15%, I didn't have an opt out then, so why should they now?