LIBOR overcharging

whatsinaname

Now that Barclays has accepted guilt and weall know they were not the only one to influence the LIBOR rates, how soon before allholders of adjustable rate mortgages can request repayment for overcharging inthe same way we all have for PPI, bank charges etc?
Hopefully this website will lead thecharge......

The_J

Won't happen. Sorry.

bigadaj

whatsinaname wrote: »

Now that Barclays has accepted guilt and weall know they were not the only one to influence the LIBOR rates, how soon before allholders of adjustable rate mortgages can request repayment for overcharging inthe same way we all have for PPI, bank charges etc?
Hopefully this website will lead thecharge......

Are you a victim?

ACG

2 posts in an hour...i think i my take a leave of absense from this site for the next couple of weeks.

Thrugelmir

whatsinaname wrote: »

Now that Barclays has accepted guilt and weall know they were not the only one to influence the LIBOR rates, how soon before allholders of adjustable rate mortgages can request repayment for overcharging inthe same way we all have for PPI, bank charges etc?
Hopefully this website will lead thecharge......

Best to read carefully before posting

Barclays has been fined £290m ($450m) for trying to manipulate a key bank interest rate

Gentoo365

Mortgages are generally linked to
1) Base Rate
2) Cost of funding

Cost of funding is linked to
3) Wholesale financing rates - based on money and capital market rates
4) Retail savings rates - based on the savings market

Since the credit crisis LIBOR has been a reference rate, it has had little real impact on the actual cost of funding. Except that some traders may ask for LIBOR + X basis points (but X is not only the credit spread, it is also the correction for the fact that LIBOR is nonsense).

Also LIBOR is an unsecured rate. Mortage financing is usually secured, either by the mortgage cashflows (RMBS), the mortgage assets (Covered Bonds) or something else (e.g. the banks bond portfolio).

Anyway, no need to get technical.

All I can say as someone who works in the industry is that it would be easy for Barclays to argue that for retail customers LIBOR has no significant bearing on UK mortgage rates.

(unlike in some countries, where rates can actually be linked to a market rate)

foggia44

as barclays used to own first plus(or still do) will my mortgage rate that has not come down in 3 years unlike others now be investigated as i used to call first plus barclays in balaclavas and so be more reasonable they were quick i raising but have not budged an inch .....had barclays something to do with this thanks tony

brit1234

whatsinaname wrote: »

Now that Barclays has accepted guilt and weall know they were not the only one to influence the LIBOR rates, how soon before allholders of adjustable rate mortgages can request repayment for overcharging inthe same way we all have for PPI, bank charges etc?
Hopefully this website will lead thecharge......

Actually I might be wrong but what Barclays did saved you loads of money. If they didn't manipulate LIBOR you would be charged higher fees for your mortgages.

grey_gym_sock

brit1234 wrote: »

Actually I might be wrong but what Barclays did saved you loads of money. If they didn't manipulate LIBOR you would be charged higher fees for your mortgages.

yes, they understated the interest rates barclays was paying, which would (if anything) have made LIBOR lower than it should have been. so if your mortgage rate was related to LIBOR (- doubtful), they saved you money.

i trust that, now that this has been explained, your cheque to barclays is in the post!