Absolutely Disgusted with the Coventry

[Deleted User]

Mycull said:

Either way its discraceful.  Knowing what I now know I would have just as well to opt for a fixed term instead. at least it wouldnt go up

The Coventry T&C states:

We offer two types of variable rates:
• Managed variable rates: A managed variable rate is a variable rate managed by us. It’s not linked to the Bank of England Base Rate or any other external rates. Our Standard Variable Rate (SVR), Privilege Rate and Flexx for Term are examples of managed variable rates.
• Base rate trackers: A base rate tracker is a variable rate that tracks the Bank of England Base Rate (BBR), so if BBR increases so will your rate. Similarly, if BBR falls your rate will too

I dont see how you would be expecting a direct link to the BoE rate unless you didnt read what you were signing up for.   

How did you set the mortgage up?   Advised through a broker? Direct with Coventry? Online or telephone?   You may have a case for poor advice if it doesnt meet what you thought it was going to but its nothing to do with the way coventry are managing the account.  Coventry are managing the account exactly as they said they would when you accepted their money 

csgohan4

Deleted_User said:

Mycull said:

Either way its discraceful.  Knowing what I now know I would have just as well to opt for a fixed term instead. at least it wouldnt go up

The Coventry T&C states:

We offer two types of variable rates:
• Managed variable rates: A managed variable rate is a variable rate managed by us. It’s not linked to the Bank of England Base Rate or any other external rates. Our Standard Variable Rate (SVR), Privilege Rate and Flexx for Term are examples of managed variable rates.
• Base rate trackers: A base rate tracker is a variable rate that tracks the Bank of England Base Rate (BBR), so if BBR increases so will your rate. Similarly, if BBR falls your rate will too

I dont see how you would be expecting a direct link to the BoE rate unless you didnt read what you were signing up for.   

How did you set the mortgage up?   Advised through a broker? Direct with Coventry? Online or telephone?   You may have a case for poor advice if it doesnt meet what you thought it was going to but its nothing to do with the way coventry are managing the account.  Coventry are managing the account exactly as they said they would when you accepted their money 

Sadly it's always someone else's fault with threads like this, asked multiple times to quote the t+c and having to have a stranger on the internet to put it up, shows the attitude of the OP. 

Windofchange

I wonder what sort of a difference it would make anyway? They might drop the rate by 0.10% or something? Tenner a month? Twenty a month? Is it worth being 'disgusted'?

csgohan4

Windofchange said:

I wonder what sort of a difference it would make anyway? They might drop the rate by 0.10% or something? Tenner a month? Twenty a month? Is it worth being 'disgusted'?

It is when they think it's someone else's fault.

 Sadly they don't read what they sign and when it doesn't suit them, they complain and kick up a fuss. Look at the number of 'mis sold 'mortgage threads we have on here as an example. 

Personally I think there should be a box in the mortgage agreement, I have read and understood the terms and conditions and wish to proceed in bold too and getting the customer to hand write the statement as well.  If they come back to complain, they have only themselves to blame. 

ACG

Deleted_User said:

Mycull said:

Either way its discraceful.  Knowing what I now know I would have just as well to opt for a fixed term instead. at least it wouldnt go up

The Coventry T&C states:

We offer two types of variable rates:
• Managed variable rates: A managed variable rate is a variable rate managed by us. It’s not linked to the Bank of England Base Rate or any other external rates. Our Standard Variable Rate (SVR), Privilege Rate and Flexx for Term are examples of managed variable rates.
• Base rate trackers: A base rate tracker is a variable rate that tracks the Bank of England Base Rate (BBR), so if BBR increases so will your rate. Similarly, if BBR falls your rate will too

I dont see how you would be expecting a direct link to the BoE rate unless you didnt read what you were signing up for.   

How did you set the mortgage up?   Advised through a broker? Direct with Coventry? Online or telephone?   You may have a case for poor advice if it doesnt meet what you thought it was going to but its nothing to do with the way coventry are managing the account.  Coventry are managing the account exactly as they said they would when you accepted their money 

Im not I agree there is a valid complaint there. How many people want trackers at the minute? I honestly cant remember the last time we did one as it was widely assumed rates would not get any lower. 

Unless the said they specifically wanted a tracker product, I would be rejecting the complaint personally - although appreciate the FoS may take a different view. 

csgohan4

ACG said:

Deleted_User said:

Mycull said:

Either way its discraceful.  Knowing what I now know I would have just as well to opt for a fixed term instead. at least it wouldnt go up

The Coventry T&C states:

We offer two types of variable rates:
• Managed variable rates: A managed variable rate is a variable rate managed by us. It’s not linked to the Bank of England Base Rate or any other external rates. Our Standard Variable Rate (SVR), Privilege Rate and Flexx for Term are examples of managed variable rates.
• Base rate trackers: A base rate tracker is a variable rate that tracks the Bank of England Base Rate (BBR), so if BBR increases so will your rate. Similarly, if BBR falls your rate will too

I dont see how you would be expecting a direct link to the BoE rate unless you didnt read what you were signing up for.   

How did you set the mortgage up?   Advised through a broker? Direct with Coventry? Online or telephone?   You may have a case for poor advice if it doesnt meet what you thought it was going to but its nothing to do with the way coventry are managing the account.  Coventry are managing the account exactly as they said they would when you accepted their money 

Im not I agree there is a valid complaint there. How many people want trackers at the minute? I honestly cant remember the last time we did one as it was widely assumed rates would not get any lower. 

Unless the said they specifically wanted a tracker product, I would be rejecting the complaint personally - although appreciate the FoS may take a different view. 

I want a tracker mortgage because the rate is so low, although I managed to get in before they withdrew the competitive tracker rates

p00hsticks

This was discussed in a previous thread on this board a few weeks ago

https://forums.moneysavingexpert.com/discussion/6123293/coventry-building-society-not-cutting-rates

Thrugelmir

Worth commenting that BTL mortgages are a very different commercial market to residential ones. Not least they still remain on interest only terms whereas residential have moved almost entirely onto a repayment basis in the past decade. 

[Deleted User]

ACG said:

Im not I agree there is a valid complaint there. How many people want trackers at the minute? I honestly cant remember the last time we did one as it was widely assumed rates would not get any lower. 

Unless the said they specifically wanted a tracker product, I would be rejecting the complaint personally - although appreciate the FoS may take a different view. 

I dont disagree that I doubt that there is a complaint here.  I was trying to labour the point that Coventry are only doing what they say they are doing.  If the product is not performing as expected (not as desired, thats a completely different thing) then maybe something went wrong at the advice stage. 

My own fact find system (probably like yours and most others) allows me to gather client product preferences that hen filters through to the suitability report.   If I had a client that stated he wanted a product that tracks the bank of england rate but then provided a Flexx product to meet that need I would expect to be adding manual notes to the file and to the SR as to why I couldnt meet the clients requirements.  

If my fact find showed the client wanted a BoE tracker and I gave them a Flexx but had no further comment as to the difference, I would be unlikely to be able to defend that complaint.

Also, I've done a few trackers.  Mainly for clients wanting 1-1.5 year tie in and the risk of a tracker is better than the ERC of a fix (or set up costs for the few ERC free fixes).  Few and far between though

Glover1862

I have this product, it’s a residential offset flexx for the term. I knew it wasn’t linked to the boe rate, but historically it always tracked it and like the OP said they did pass on the rises rapidly. The SVR and privilege rate are also not officially tied  to boe either but they had the reduction, a little unfair for a “ethical” lender as they portray  themselves.

im thinking of doing a product transfer or remortgage as there is no ERC, the main reason being I’m not hanging around only to see the increases. I was told a lot of CBS book was on this product and other flexx products with no erc so they could lose a lot of customers, perhaps they want that.