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Bank of Scotland SVR
markellis8
Posts: 1 Newbie
Hi
Unfortunately I am a mortgage prisoner on an SVR with Bank of Scotland. Does anybody know why the BoS haven't yet passed on the BBR cut of 0.25%, as most other lenders seem to have done? I know they don't have to but I thought the Governor of the BOE made it pretty clear that he expected banks to do so....
Many thanks
Unfortunately I am a mortgage prisoner on an SVR with Bank of Scotland. Does anybody know why the BoS haven't yet passed on the BBR cut of 0.25%, as most other lenders seem to have done? I know they don't have to but I thought the Governor of the BOE made it pretty clear that he expected banks to do so....
Many thanks
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Comments
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I'm waiting on Natwest too! Hopefully i'm re-mortgaging elsewhere so will only be on SVR for another month or so.0
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The answer is in your statement Mark.markellis8 wrote: »they don't have to but
They may yet do, as some lenders have only this last week made changes.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
BOE base isn't the only factor for lenders. Not as simplistic as revising rates downwards The cost of funding comes in to the equation.0
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Thrugelmir wrote: »BOE base isn't the only factor for lenders. Not as simplistic as revising rates downwards The cost of funding comes in to the equation.
....indeed and RBS is near enough in "junk bond" territory with their Moodys rating of Ba1.
In laymen's terms, the financial markets think they are a pretty bank financial risk compared with other banks and as such it costs significantly more for RBS to borrow money from the markets.0 -
Brock_and_Roll wrote: »....indeed and RBS is near enough in "junk bond" territory with their Moodys rating of Ba1.
In laymen's terms, the financial markets think they are a pretty bank financial risk compared with other banks and as such it costs significantly more for RBS to borrow money from the markets.
...although OP is with BoS not RBS
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markellis8 wrote: »Hi
Unfortunately I am a mortgage prisoner on an SVR with Bank of Scotland. Does anybody know why the BoS haven't yet passed on the BBR cut of 0.25%, as most other lenders seem to have done? I know they don't have to but I thought the Governor of the BOE made it pretty clear that he expected banks to do so....
Many thanks
What is a "mortgage prisoner" and how did you become one?DMP - JAN 2016
[STRIKE]Estimated DFD - August 2018[/STRIKE] December 2016
100% Paid0
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