The One account raising rates

Coveredinbees!!!!

I got the letter today and I'm not happy but I'm hopefully going to be done with it soon too. Really temped to cash everything in now and pay it off and start off with a clean slate.

RandomDan

I also got my letter today informing me of the rise. Very annoyed about it as I didn't see it coming at all.

However, I am not going to switch because they have actually been very helpful to me in the past and I have a relatively short period left to pay (4-5 years). Better the devil you know and all that.

They must love apathetic customers like me.

blisteringblue

I got the letter too.

My trouble is I've too much other borrowing that I am sorting before I can get shot of them. Still a few years before I can think about it so I am stuck with them. I'm still cursing as I was on Base + 0.75% on my old mortgage and I think about what I would have saved in the last 3 years had I still been on it. Unfortunately this product was not what I should have gone for. As I swapped to it to clear down all my debts and yet I am in a worse position 5 years on. Still live and learn and never will I consolidate again !!

My only saving grace is I drop down a % bracket with my reduction in March (reducing balance).

teabelly

I got the same letter. What infuriates me is that it was sold as a tracker essentially but it suddenly stopped being a tracker when RBS took it over. We own them. We give them our money and the rat bags have the cheek to up borrowing costs for *our* money!!

Anyone know if Branson is going to do a similar product? I'd love to switch away from them.

Thrugelmir

teabelly wrote: »

Anyone know if Branson is going to do a similar product? I'd love to switch away from them.

Was Branson's product originally. The business was sold on. Branson isn't what he appears to be.

opinions4u

teabelly wrote: »

We own them. We give them our money and the rat bags have the cheek to up borrowing costs for *our* money!!

No money has been given. It has been invested in the bank as share capital - so when the shareprice rises the taxpayer can sell and hopefully make a profit.

At present, it's loss making. That's not good for the taxpayer. If you want it to be good for the taxpayer then you should want them to widen their margins and become profit making. Shouldn't you?

Anyone know if Branson is going to do a similar product? I'd love to switch away from them.

As soon as Branson realised he couldn't make decent money out of it, he got rid. To see Richard Branson as some sort of Banker in shining armour is naive to say the least.

teabelly

Nothing to do with knight in shining armour at all. Just competition. There is no other current account mortgage product around. If that is cheaper then I'd switch. If someone else did something similar then I'd switch.

It depends on where the loss is actually occurring. I'd wager it will be the dodgy overseas investments and other parts of the company as they also own insurance companies etc. It won't be the UK mortgage market that is the problem. If they can afford to pay themselves bonuses when they make a loss then they need a poke in the eye.

getmore4less

teabelly wrote: »

Nothing to do with knight in shining armour at all. Just competition. There is no other current account mortgage product around. If that is cheaper then I'd switch. If someone else did something similar then I'd switch.

It depends on where the loss is actually occurring. I'd wager it will be the dodgy overseas investments and other parts of the company as they also own insurance companies etc. It won't be the UK mortgage market that is the problem. If they can afford to pay themselves bonuses when they make a loss then they need a poke in the eye.

PLenty of of offests provide the same functionality with more features and many are cheaper.

Barclays offsets can be run as a CAM.

MoneyCircus

The annoying part is this product was originally stressed as a base rate tracker. Well I didn't see the base rate move up. A commitment that was more aspiration. Me paying every month is not treat as a similar aspiration. Will have to look at alternatives.

teabelly

getmore4less wrote: »

PLenty of of offests provide the same functionality with more features and many are cheaper.

Barclays offsets can be run as a CAM.

I just looked at those. Not appealing with the rates they are showing. Also limited to 70% ltv.