Abbey. Not passed on December rate cut?

pfpf

hello.

i am on a tracker mortgage with Abbey. when the rate changes it effects my mortgage on the 3rd of the following month.

so having expected a cut from the 3rd January i patiently waited for my letter that i usually get about the 15th of the month expalining the new rates and payments.

having not recieved the letter i phoned Abbey on Thursday and listened to a recorded message saying "rates were cut on the 3rd of January and letters will be sent out and should be recieved before the end of January".

i didnt bother waiting to speak to someone as that told me what i wanted to know.

however having checked my bank statement today, my mortgage payment has gone out for the full, pre rate cut payment.

sinse i have had the mortgage there has been 5 or 6 rate changes and the rate has been changed and payment adjusted every time with no problems.

i know i can phone them but wondered if any other Abbey customers had found the same this month and if they had any information on the matter?

thank you.

michaels

If it is a tracker rather than a discount then they are breaking the T&C by not passing it on.

The payment that you have just made - is it for this month or the previous month?

There also seems to be lots of posts on the banking thread about how carp abbey's systems are - this may be the most likely explanation

pfpf

hi,

all i know is that on every other occasion the adjustment has been made in time for the payment due at the end of the following month.

e.g:

rate changed Dec
Abbey change the rate 3rd of Jan
new payment paid end of January.

like i said above, a prerecorded message on the mortgage line said the rates were changed on the 3rd Jan and letters would be out before the end of Jan. no letter, no reduced payment and no one there now at the mortgage dept.

i never thought about the T&C's being broken. as its obvious they havnt implemented the rate change on my account as yet what implications does that have?

again, the previous changes to the base rate have been actioned correctly, thats 5 or 6 changes in the life of the mortgage.

thanks again.

Skyhigh

The rates on Abbeys products all changed last Monday (21st) - I visited a mortgage adviser I know at Abbey on the Friday before (18th) and he told me that they were due new rates on the 21st.
He called me on the 22nd and filled me in on the new rates - which aren't on the website yet.

So...they should have passed the rate change on to you by now... hmmm.

:!:

jill2002

Skyhigh,

You are talking about the new deals that are available - Abbey changed them on the 23rd.

daveyjp

pfpf - just checked and my tracker with Abbey is at a reduced rate from 3 Jan 2008.

There is a cut off date in your agreement though. If the decision is made towards the end of the month it won't apply the next month, but the month after.

pfpf

my mortgage agreement states and indeed always has applied any change of rate on the 3rd of the month following the BOE rate change.

the next payment then takes into account said reduction.

the payment taken today was for the same as if the rate hadnt dropped in December.

i need to ring them on Monday but had posted here to see if anyone else had found the same.

thanks for the input.

paintpot

Mine was the same, I pay mine on about 3rd/4th of each month and didn't get the rate cut in Jan so I called Abbey and heard the same recorded message so I am expecting the rate cut in Feb. I still haven't had aletter though. Checking through my paperwork, it has always been the following month so it is consistent with what's happened before. I shall be watching for the rate cut in Feb though. I haven't read the small print to establis why I have to wait effectively two months for the rate cut to take effect.