Natwest Mortgage?

xnetco

Hi,

I've finally received my letter from my mortgage company regarding the change of interest rate. But it obviously doesn't kick in for another month. Has anyone tried complaining about this? It seems a bit stupid after almost 1 month after the bank of england changed it's rate.

Tim

Ian_W

Tim,
Check your mortgage T&C's - if you're on a Standard Variable Rate [svr] they probably make no mention at all of any tie up with, or relationship to, BofE rates. It's your lenders standard rate to do with as they please, when they please.

If it's a tracker of some kind the T&C's should tell you within what timescale of BofE rate changes, your rate should change, only if they haven't complied with what they've agreed would you have a cause to complain.

If you are on a svr - Go straight to the Mortgage section of this site, do not pass Go, do not collect £200, and find out why you shouldn't be! Most people are very ill advised to be on a lenders svr, usually a lot of money can be saved by remortgaging to something cheaper.