We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
CBS increased rates
danzx2
Posts: 47 Forumite
Hey,
Currently on a deal of 3.79% life time tracker with Coventry LTV 85%. I have noticed that they have recently increased the rates for the same deal with have recently remortgaged to for new customers. Now it is 4.49%.
Are they likely to increase this for exisiting customers?
Thanks
Currently on a deal of 3.79% life time tracker with Coventry LTV 85%. I have noticed that they have recently increased the rates for the same deal with have recently remortgaged to for new customers. Now it is 4.49%.
Are they likely to increase this for exisiting customers?
Thanks
As of 21/05/18
M- £138,999 - Repayment - 2.79%
M- £138,999 - Repayment - 2.79%
0
Comments
-
No. You are not affected by changes to products for new borrowers. If your rate tracks the BoE base rate, it is only changes in the BoE base rate which will cause your rate to change.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
kingstreet wrote: »No. You are not affected by changes to products for new borrowers. If your rate tracks the BoE base rate, it is only changes in the BoE base rate which will cause your rate to change.
Thanks for the reply kingstreet, the deal we are on doesn't track the BoE rate. It is a rate CBS set separately to their SVR and the BoE. Hence my concerns.As of 21/05/18
M- £138,999 - Repayment - 2.79%0 -
So can you tell us what it does track?
Is there a link to a description online we can have a look at?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »So can you tell us what it does track?
Is there a link to a description online we can have a look at?
This is from the KFI:
Flexx for Term(FLX72) - A variable rate, currently 3.79%, which is managed by Coventry Building Society and is set independently of both its Standard Variable Rate and the Bank of England Base Rate to the end of the mortgage term.As of 21/05/18
M- £138,999 - Repayment - 2.79%0 -
I've just spent twenty minutes in the Coventry site for intermediaries and the Flexx products were the only ones I could find where the rate is simply described as "variable" but with no further explanation.
There are one or two hints here and there on google, but I can't find anything definitive on how the rate is set. I'd view it with similar suspicion to you. It's as reliable as the lender's standard variable rate.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
From this link:
http://www.remortgage.com/lender/coventry.php
The flexx rate won't be more than the SVR.
I was on the flexx fixed rate, luckily that reverted to BOE+0.75 for the remainder of the term, also mentioned in the link.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks for the replies
As of 21/05/18
M- £138,999 - Repayment - 2.79%0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards