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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 9th Mar 12, 12:31 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Clydesdale and Yorkshire banks increase mortgage SVR
    • #1
    • 9th Mar 12, 12:31 PM
    MSE News: Clydesdale and Yorkshire banks increase mortgage SVR 9th Mar 12 at 12:31 PM
    This is the discussion thread for the following MSE News Story:

    "The pair have become the latest mortgage lenders to announce a rise in standard variable rates ..."

Page 1
    • shortchanged
    • By shortchanged 9th Mar 12, 2:52 PM
    • 5,416 Posts
    • 8,597 Thanks
    shortchanged
    • #2
    • 9th Mar 12, 2:52 PM
    • #2
    • 9th Mar 12, 2:52 PM
    And so it begins.
    Why are we here?......................because we are not all there.
    • traceyr
    • By traceyr 9th Mar 12, 2:56 PM
    • 160 Posts
    • 76 Thanks
    traceyr
    • #3
    • 9th Mar 12, 2:56 PM
    • #3
    • 9th Mar 12, 2:56 PM
    The rest are sure to follow....just as I was looking forward to my fixed rate finishing with Woolwich in June and going onto their SVR.
  • The J
    • #4
    • 9th Mar 12, 3:00 PM
    • #4
    • 9th Mar 12, 3:00 PM
    The rest are sure to follow....just as I was looking forward to my fixed rate finishing with Woolwich in June and going onto their SVR.
    Originally posted by traceyr
    Check your T&Cs, most Woolwich rates revert to base rate trackers.
  • RenovationMan
    • #5
    • 9th Mar 12, 3:15 PM
    • #5
    • 9th Mar 12, 3:15 PM
    Another financial institution gets fed up with borrowers staying on their SVR rate and decides to try and give them a push. Their customers can now either stay on the SVR or move onto a mortgage deal, either with their current lender or elsewhere.
    • traceyr
    • By traceyr 9th Mar 12, 3:43 PM
    • 160 Posts
    • 76 Thanks
    traceyr
    • #6
    • 9th Mar 12, 3:43 PM
    • #6
    • 9th Mar 12, 3:43 PM
    Check your T&Cs, most Woolwich rates revert to base rate trackers.
    Originally posted by The J
    It says in the terms of my mortgage after my fixed rate of 3.59% ends " the rate will be a variable rate which is 1.99% above Barclays Bank Base Rate, currently 0.5% for the remainder of the term, to give a current rate payable of 2.49%"

    Excuse my ignorance as I am not very clued up when it comes to mortgages but us this different from the SVR?
    • betmunch
    • By betmunch 9th Mar 12, 3:56 PM
    • 3,078 Posts
    • 1,889 Thanks
    betmunch
    • #7
    • 9th Mar 12, 3:56 PM
    • #7
    • 9th Mar 12, 3:56 PM
    Looks like a tracker to me. If you are paying a rate that is not 1.99% above BBBR then you are not paying the contractual rate.

    My concern would be that they could decide they are going to vary the Barclays Bank Base Rate from the Bank of England Base Rate. Which would mean a change in payments without breaching the contract.

    I would check your small print, or get the advisor that set up the mortgage to do it for you
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • The J
    • #8
    • 9th Mar 12, 4:04 PM
    • #8
    • 9th Mar 12, 4:04 PM
    Strictly speaking they can change the Barclays Bank Base Rate and deviate from the Bank of England base rate. It refers back to the days of clearing banks. It is very unlikely though. You have, as good as can be, a tracker there.

    There are plenty of people on +0.17% above BBBR for life so Barclays would have a pretty big incentive to increase that by now if they were going to.
    • kingstreet
    • By kingstreet 9th Mar 12, 4:33 PM
    • 35,054 Posts
    • 19,085 Thanks
    kingstreet
    • #9
    • 9th Mar 12, 4:33 PM
    • #9
    • 9th Mar 12, 4:33 PM
    There is a very long and detailed thread on the Barclays Bank Base rate and how it mirrors the BoE base right only while it suits Barclays. Do a search, I'm sure you'll find it.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 9th Mar 12, 5:05 PM
    • 63,241 Posts
    • 56,107 Thanks
    Thrugelmir
    Another financial institution gets fed up with borrowers staying on their SVR rate and decides to try and give them a push. Their customers can now either stay on the SVR or move onto a mortgage deal, either with their current lender or elsewhere.
    Originally posted by RenovationMan

    Where's elsewhere? Rates are rising across the board. Normality is returning to the market.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • poppy10
    • By poppy10 9th Mar 12, 6:53 PM
    • 6,164 Posts
    • 7,463 Thanks
    poppy10
    Where's elsewhere? Rates are rising across the board.
    Originally posted by Thrugelmir
    Not many options out there for those wanting to jump ship.

    From Mortgage Strategy:

    Woolwich has reduced the funding tranches for its intermediary mortgage products after receiving exceptionally high demand.

    The lender says it has received high demand recently because other lenders have repriced upwards, making its products more competitive.

    In order to manage demand, it has reduced the tranches available to brokers for a temporary period.

    Mortgage Strategy understands brokers have been struggling to secure funds in recent days.
    Last edited by poppy10; 09-03-2012 at 7:05 PM.
    • Peelerfart
    • By Peelerfart 9th Mar 12, 8:15 PM
    • 1,998 Posts
    • 1,720 Thanks
    Peelerfart
    Here comes the drums here comes the drums!

    Or,as it has been said,merely normality returning?
    Space available for rent
  • The J
    There is a very long and detailed thread on the Barclays Bank Base rate and how it mirrors the BoE base right only while it suits Barclays. Do a search, I'm sure you'll find it.
    Originally posted by kingstreet
    What? It's followed the BoE base rate since regulation?

    I've been on that thread, it's populated by a bunch of whiny morons who love a good complaint.
  • RenovationMan
    Where's elsewhere? Rates are rising across the board. Normality is returning to the market.
    Originally posted by Thrugelmir
    Only on SVR rates and you can't move to another lender and go straight onto their SVR rate, you have to go onto a mortgage product. If people are concerbed about the banks raising rates independently of the BoE then they should get a tracker mortgage.

    First Direct have a 1.99% BoE tracker mortgage available that beats the Halifax SVR rate of 3.5%.
    • shortchanged
    • By shortchanged 10th Mar 12, 11:19 AM
    • 5,416 Posts
    • 8,597 Thanks
    shortchanged
    First Direct have a 1.99% BoE tracker mortgage available that beats the Halifax SVR rate of 3.5%.
    Originally posted by RenovationMan
    Come on RenoMan.

    That product has a £1500 arrangement fee and a max LTV of 65%. Hardly a product that is likely to be suitable for most of the people that are complaining about these SVR increases.
    Why are we here?......................because we are not all there.
    • Thrugelmir
    • By Thrugelmir 10th Mar 12, 11:31 AM
    • 63,241 Posts
    • 56,107 Thanks
    Thrugelmir

    First Direct have a 1.99% BoE tracker mortgage available that beats the Halifax SVR rate of 3.5%.
    Originally posted by RenovationMan
    HSBC plans to lend a gross £15 billion in 2012. £3 billion of which is for FTB's.

    There just isn't the funds for everybody that wants to to remortgage to the HSBC to do so. Even if they met the lending criteria.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
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