Anyone on Barclays Standard Life Bank SVR?

harvsl

Hi 
Am interested in hearing from others who may have originally taken out a Standard Life mortgage which was then bought over by Barclays.  I bought my house in 2007 and have been in negative equity ever since, and therefore on SVR.  Annoying, but unfortunately just one of those things. This afternoon I found out that I am not on Barclays SVR but rather Barclays 'SLB SVR' which I can only assume stands for Standard Life Bank SVR (Barclays is still to come back to me to confirm) .  It is considerably higher than Barclays own SVR (at the moment I am on 4.74% -  it was 5.24% before the BoE rate drops, whereas I believe Barclays current SVR is 3.74%).  I am not currently at home to check my documents, but will as soon as I am able.  However, it seems to me to be somewhat unfair to use as a base rate, a rate from a bank that no longer exists and went out of business in 2009, on top of Barclays's own rate and then the BoE base rate.  As I said I will check my documents for when I was moved to Barclays to see what it says, but in the meantime I would be interested in hearing from anyone else in the same boat...
Many thanks!

Thrugelmir

Have you remained on the SVR due to the property being in negative equity? By removing the negative equity. You could have moved the mortgage from the old SLB mortgage book to a Barclays product on a repayment basis. Thereby enjoying the benefits of a far lower interest rate. To achieve this you will need to pass affordability criteria , credit checks etc. 
The crux of the issue in answer to your point above. Is that what now remains of the old SLB mortgage book will be similar to yourself, i.e. negative equity and interest only. The higher interest rate reflects the commercial cost of providing the funding. Along with the higher administration cost of running down a closed book. As a closed book there'll be no new products issued. 

minimike2

You should be able to switch to a new product. Do you have online banking access? Will show you your options on there. Or a broker could look into it for you. Or depending on LTV there could be other options open to you to. Either way you shouldn't have an issue swapping off of this.