http://www.100mortgages.org/20081009/tracker-mortgage-rates-down-but-will-your-bank-change-its-svr/ Keep updated on the latest mortgage, global economy and business news Fri, 03 Feb 2012 08:36:00 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.100mortgages.org/20081009/tracker-mortgage-rates-down-but-will-your-bank-change-its-svr/#comment-175 jack Mon, 03 Nov 2008 19:00:55 +0000 http://www.100mortgages.org/?p=1440#comment-175 Yes its disgusting, the government seem to have little or no power over the banks as the wealthy minority suck the struggling majority dry. The government should at least force banks to be transparent about their products. Many people for example, are fooled into thinking that because a SVR mortgage rises with BOE interest rate increases, then they will accordingly fall with respective reductions. I have been forced to correct many bank staff on how they promote SVR products. Even Tracker Mortgages can have built in clauses that allow the Banks to wriggle out of honouring interest rate cuts but its all in the small print! We live in the era of trickery and deception and the banks are masters of it. Yes its disgusting, the government seem to have little or no power over the banks as the wealthy minority suck the struggling majority dry. The government should at least force banks to be transparent about their products. Many people for example, are fooled into thinking that because a SVR mortgage rises with BOE interest rate increases, then they will accordingly fall with respective reductions. I have been forced to correct many bank staff on how they promote SVR products. Even Tracker Mortgages can have built in clauses that allow the Banks to wriggle out of honouring interest rate cuts but its all in the small print! We live in the era of trickery and deception and the banks are masters of it.

]]> http://www.100mortgages.org/20081009/tracker-mortgage-rates-down-but-will-your-bank-change-its-svr/#comment-163 jonathan goldenburgh Sat, 25 Oct 2008 11:08:33 +0000 http://www.100mortgages.org/?p=1440#comment-163 I am a Northern Rock customer who has a variable rate which weet from around 4.5% to 7.5% earlier this year which raised my mortgage payments by £200 nearly. The 0.15% cut in their rate has saved me less than £5.00 on my monthly payments. I cannot understand how a govement (tax payers) owned bank is being allowed to do this. I feel that banks should not be allowed to go over 1% of the bank of england base rate. This would then allow struggling customers to at least have a fighting chance of survival. Can this not be passed by law to force banks and lenders into treating their customers fairly. We have part ownership of this bank and they seem to be doing whatever they want to get money out of their existing customers tight or what. Is their some governing body that a complaint can be offically logged with them so that investigation can take place. I am a Northern Rock customer who has a variable rate which weet from around 4.5% to 7.5% earlier this year which raised my mortgage payments by £200 nearly. The 0.15% cut in their rate has saved me less than £5.00 on my monthly payments. I cannot understand how a govement (tax payers) owned bank is being allowed to do this. I feel that banks should not be allowed to go over 1% of the bank of england base rate. This would then allow struggling customers to at least have a fighting chance of survival. Can this not be passed by law to force banks and lenders into treating their customers fairly. We have part ownership of this bank and they seem to be doing whatever they want to get money out of their existing customers tight or what. Is their some governing body that a complaint can be offically logged with them so that investigation can take place.

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