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Natwest one no longer tracking base rate
hassoon
Posts: 1 Newbie
Am I the only person thinking this particular account should track the boe base rate at + 1.1% with a loan to capital ratio >50% ?
I have just had a 20 minute phone call telling me they no longer are required to do this(as they have been for the last 2 yrs), after I pointed out they have effectively raised my rate to 1.35% they hung up on me !!
I have just had a 20 minute phone call telling me they no longer are required to do this(as they have been for the last 2 yrs), after I pointed out they have effectively raised my rate to 1.35% they hung up on me !!
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Comments
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Hi
What are you T&C's? The banks are deliberately targeting offset accounts and raising interest rates on them. It was in the Sunday Times (Sunday 6th I think), no idea where the journalist got their info. There is a thread on this board about the old virgin one account.0 -
I too am pretty upset to find that my Natwest One account hasn't tracked the latest base rate change. It sure does when they go up! I sure it was sold to me as tracking the base rate at a consistent level. Is there an ombudsman one can discuss this with?0
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Check your T&Cs. My NatWest mortgage tracks the BoE base rate, it confirms this in the T&Cs. I guess there were some mortgages that tracked the base rate and there were some that tracked the NatWest base rate and some that tracked the SVR. I remember a while ago, a thread on here about a NatWest mortgage that was sold on the basis of tracking the BoE but said something different in the T&Cs. I think the buyer got it amended at the time. If this applies to you look for the KFI document that came with the mortgage application.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Long thread on the Virgin One account here, if its any help:
http://forums.moneysavingexpert.com/showthread.html?t=859611
setmefree is right, banks are targetting offsets and raising rates, both Virgin and Natwest seem to be doing this.poppy100 -
Been saying it now for months that people should look at their mortgages and fix. There are quite a number of lenders out there who are upping the rates on their own trackers (i.e. not tracking the Bank of England). It will only get worse. Fix now for a longer period of time to have peace of mind.0
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