Skipton Building Society RIP OFF

mdcolwill · 9 March 2010 at 11:08AM

During a time when the Bank of England has kept the base rate at 0.5% for a year, can someone from the above establishment tell me why they have not only rasied their Standard Variable Rate this month, but they have done it without prior notification to their customers. Probably in the hope that it wouldn't be spotted. In 11 years of being a mortgage customer they haven't once contacted me with better offers, and now they are blatantly profiteering from their loyal customers, by imposing this rise. Time to shop araound, but please anyone else incensed by the Skipton B/S, add your experiences here.:(

_Andy_ · 9 March 2010 at 11:11AM

It's a variable rate, they don't have to justify it to anyone.
The base rate isn't relevant, as banks don't borrow at that rate. If you wanted a tracker you should have taken one.

Why shouldn't they make profit? They're not a charity.

One again, a thread with the words 'rip off' in the subject which is completey inaccurate.

Dan_1976 · 9 March 2010 at 11:23AM

There is a longthread about the skipton on this. I think its either this or they go pop??!

dunstonh · 9 March 2010 at 11:35AM

mdcolwill wrote: »

During a time when the Bank of England has kept the base rate at 0.5% for a year, can someone from the above establishment tell me why they have not only rasied their Standard Variable Rate this month, but they have done it without prior notification to their customers. Probably in the hope that it wouldn't be spotted. In 11 years of being a mortgage customer they haven't once contacted me with better offers, and now they are blatantly profiteering from their loyal customers, by imposing this rise. Time to shop araound, but please anyone else incensed by the Skipton B/S, add your experiences here.:(

1 - The Standard Variable rate has little to do with the base rate.
2 - Look at their saver's rates. They have to pay the savers, costs of running the business including defaults which are on the rise and have a profit on top.
3 - They need to improve their balance sheet

Wutang_2 · 9 March 2010 at 11:38AM

mdcolwill wrote: »

they are blatantly profiteering

Thats the plan.

VIGILANT22 · 9 March 2010 at 11:41AM

mdcolwill wrote: »

During a time when the Bank of England has kept the base rate at 0.5% for a year, can someone from the above establishment tell me why they have not only rasied their Standard Variable Rate this month, but they have done it without prior notification to their customers. Probably in the hope that it wouldn't be spotted. In 11 years of being a mortgage customer they haven't once contacted me with better offers, and now they are blatantly profiteering from their loyal customers, by imposing this rise. Time to shop araound, but please anyone else incensed by the Skipton B/S, add your experiences here.:(

Quote: without prior notification
Where have you been? ...apart from being all over the press I understand customers were lettered end of Jan/beginning of Feb.
On the upside you have had 11 years of being satisfied with a lender, the last year on an exceptionally low SVR allowing those who chose to reduce mortgage dramatically. You have the added bonus of not being tied in and are able to shop around for a better deal...however you will have to consider the svr of other lenders...as Skipton is certainly not the highest.

JA1000 · 9 March 2010 at 12:22PM

Sometimes I think this forum is not somewhere to come and seek help but merely to rant.

Thanks fine and it can help if you want to get things of your chest but remember a rant will be treated and such and will be very quickly shot down.

Above is a text book example for anyone else thinking of 'ranting'

A mirror might be a better place than this forum.

Thrugelmir · 9 March 2010 at 3:23PM

JA1000 wrote: »

Sometimes I think this forum is not somewhere to come and seek help but merely to rant.

Thanks fine and it can help if you want to get things of your chest but remember a rant will be treated and such and will be very quickly shot down.

Above is a text book example for anyone else thinking of 'ranting'

A mirror might be a better place than this forum.

Have patience. Not everybody is as fully informed as the regular posters on here. The aim of this forum is as much about educating as giving advice and opinion.

musk3113 · 26 February 2011 at 9:10PM

VERY INTERSTING INFORMATION FROM WESTLOTHIANCAB.CO.UK

Skipton building society did not honour they agreement with 65000 cusotmer in uk has joint the mortgage with gurantee they interest rate will not be more than 3% above the bank of england base rate

Skipton had guaranteed approximately 65,000 people that its SVR would not be more than 3% points above the Bank of England base rate. However as of 1st March 2010 Skipton increased its SVR to 4.95% claiming that the SVR of 3%:
"was not sustainable in the long term particularly in view of the cost of attracting retail funding. Fundamentally, it is in reaction to the impact on the UK savings market of the Bank Base Rate plummeting to such an unprecedented level of 0.5%”.

As a result of the above Skipton argue that the "exceptional circumstances” clause in borrower contracts is triggered allowing Skipton to not honour the "Guaranteed” lower rate.

Having received Counsels advice we feel that those borrowers who contracted to Skiptons Guaranteed SVR have a potential claim pursuant to the Unfair Terms in Consumer Contracts Regulations 1999.

in other way skipton has change they self mortgage policy which too many customer has been taking over the oast a few years skipton also refused to release any fund for thos who did have a self build mortgage with skipton building society and has been adviced to remove they mortgage to another self build mortgage provider as they have change they policy,

this is a very serious case specialy when self build mortgage has been aranged and paid for it now they asking they coustomer to move over to another lender after they have received all the planing permision needed to start the building process the planing permision will not last for ever and if expired they will loss all the fee all of that becouse an ntrustworthy lender who can't honour they agreement ,

this message has been sent to the prim minister asking for immediate invetagion why the financial ombudsman protecting skipton building society ,

if you do have a similar probelm please get in touch

richards123 · 26 February 2011 at 10:41PM

mdcolwill wrote: »

During a time when the Bank of England has kept the base rate at 0.5% for a year, can someone from the above establishment tell me why they have not only rasied their Standard Variable Rate this month, but they have done it without prior notification to their customers. Probably in the hope that it wouldn't be spotted. In 11 years of being a mortgage customer they haven't once contacted me with better offers, and now they are blatantly profiteering from their loyal customers, by imposing this rise. Time to shop araound, but please anyone else incensed by the Skipton B/S, add your experiences here.:(

what rate are they charging? We're in the process of leaving Standard Life where we're paying about 5.5% SVR. I don't think SL issue mortgages anymore, I guess it doesnt pay them to do so. Don't know why the borrower should be paying for a lenders inability to match the keener rates....

opinions4u · 26 February 2011 at 11:02PM

This thread is a year old. Let it rest in peace.

Skipton Building Society RIP OFF

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