Comments on: FSA warns Nationwide & Halifax to ignore collar clause

By: Alex Lake

Alex Lake — Mon, 05 Jan 2009 23:06:55 +0000

Time to write and suggest that this shouldn’t be done to those whose KFI’s didn’t mention it….

By: Gary Bains

Gary Bains — Mon, 05 Jan 2009 18:56:14 +0000

I suspected that might happen after the last rate change i received a letter and it said they resrve the right to impose the collar in the fututre

By: Craig Poxon

Craig Poxon — Fri, 02 Jan 2009 10:36:27 +0000

U-turn by Nationwide??

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article5430130.ece

“Nationwide, Britain’s biggest building society, will not pass on any further cuts to the Bank of England base rate to customers with tracker mortgages, The Times has learnt. “

By: Gary Bains

Gary Bains — Mon, 08 Dec 2008 20:26:45 +0000

There was a time when i had a Nationwide Tracker that tracked below the base rate. There has been talk in the press that if interest rates went below .5% some customers would recieve interest!! Not sure what the deal is or who its with.

By: Alex Lake

Alex Lake — Mon, 08 Dec 2008 07:52:24 +0000

That’s interesting. I’d have thought they could pass this one off as a “gesture of goodwill” but if the rate fell to (say) 0% would baulk at an effective rate of as little as 0.29%. Still, fingers crossed…

By: Gary Bains

Gary Bains — Sun, 07 Dec 2008 20:22:14 +0000

Alex, given that they haven’t enforced it this time i think they would struggle to ever enforce it now

By: David Russell

David Russell — Sun, 07 Dec 2008 09:34:33 +0000

Just heard that Nationwide will not enforce the Collar. Once again nationwide comes up trumps. Well done

By: Alex Lake

Alex Lake — Fri, 05 Dec 2008 09:16:53 +0000

Yes, good stuff, but what about next time? I was kind of looking forward to seeing what they made of my collarless KFI!

By: Mike Reynolds

Mike Reynolds — Fri, 05 Dec 2008 07:09:29 +0000

I second that, well done Graham Beale it has restored some of my faith in the banking system however, the rest of the bankers have got a long way to go….

By: Craig Poxon

Craig Poxon — Thu, 04 Dec 2008 23:20:12 +0000

Graham Beale, I love you. From

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3551904/Interest-rates-cut-Nationwide-waives-collar-for-all-tracker-mortgage-customers.html

“Graham Beale, Nationwide’s chief executive, said: “This condition on our tracker mortgages has been a feature of them for the past four years. It is clear, fair and reasonable that in the very challenging financial environment that many people are experiencing, waiving the floor in this way is the right and proper thing to do.

“As a mutual organisation, we are able to support our tracker borrowers in times of difficulty. While we were completely confident that the tracker floor was an enforceable condition, we have decided not to enforce it. Borrowers on our BMR are already benefiting from a rate which has been consistently lower than the average SVR on the market and, following the changes we’ve announced today, Nationwide’s standard mortgage rate will continue to be the lowest among high street lenders.” “