pjw Posted February 4, 2014 Share Posted February 4, 2014 I am one of the unfortunates on a Bank of Scotland mortgage. Now on the Standard Variable rate - itself an extortionate 4.95%, I noticed today that the Homemover mortgage for existing BoS mortgage customers for further advances when porting an existing product is a mortgage with an initial tracker rate of 6.19% for 2 years (5.69 percentage points above the Bank Rate) and then the SVR thereafter, with a fee of £995! Despite "years of low interest rates" criticised in the papers - I don't seem to be able to get low rates myself. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 4, 2014 Share Posted February 4, 2014 They don't want your business, they want you to move. Those with with the best SVR are those on the Nationwide BMR promise base rate + 2%. You have a choice either be shafted or be shafted. Quote Link to comment Share on other sites More sharing options...
FallingAwake Posted February 4, 2014 Share Posted February 4, 2014 Again, it helps to think of BOE actions as primarily helping banks, and then government, with people a distant third. "Low interest rates" are primarily for the benefit of banks, not you or I. It allows *them* to get hold of money cheaply, not you. If it were for *our* benefit, my credit card cash rate wouldn't carry a 27.9% APR. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 4, 2014 Share Posted February 4, 2014 What's your LTV? Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted February 4, 2014 Share Posted February 4, 2014 They don't want your business, they want you to move. Those with with the best SVR are those on the Nationwide BMR promise base rate + 2%. You have a choice either be shafted or be shafted. Dont forget that Lloyds customers were offered the same +2% promise on their Cheltenham and Gloucester mortgage SVR too. Quote Link to comment Share on other sites More sharing options...
Stainless Sam Posted February 4, 2014 Share Posted February 4, 2014 ............................ Despite "years of low interest rates" criticised in the papers - I don't seem to be able to get low rates myself. The only possible reasons for this are: 1. You paid too much for the property, so have high LTV 2. You saved insufficient deposit, so have high LTV 3. You have poor history/dodgy job/rubbish self employed records so are above normal risk 4. You've not looked hard enough. What am I missing? Quote Link to comment Share on other sites More sharing options...
pjw Posted February 4, 2014 Author Share Posted February 4, 2014 (edited) Number 3 on that list - the LTV doesn't make any difference - with BoS you still have to take 6%+ next time you remortgage whatever the LTV (the bank is frankly bankrupt and on UK plc life support) - but obviously if it were not for #3 I would just remortgage elsewhere. BoS is never mentioned in the UK press - it's all RBS this and that - but BoS never gets a look in - they specialise in self-cert and self-employed mortgage-holders, which tells you what you need to know. The 6.19% applies to all LTV ranges (they'll lend up to 90%) - as long as you need further borrowing when you move and port the product. LTV has nothing to do with this. The latest "bargain" rates for existing BoS customers are all in http://www.bosmortgages.co.uk/pdf/product-range-and-current-rates.pdf Edited February 4, 2014 by pjw Quote Link to comment Share on other sites More sharing options...
LDR Posted February 4, 2014 Share Posted February 4, 2014 Number 3 on that list - the LTV doesn't make any difference - with BoS you still have to take 6%+ next time you remortgage whatever the LTV (the bank is frankly bankrupt and on UK plc life support) - but obviously if it were not for #3 I would just remortgage elsewhere. BoS is never mentioned in the UK press - it's all RBS this and that - but BoS never gets a look in - they specialise in self-cert and self-employed mortgage-holders, which tells you what you need to know. The 6.19% applies to all LTV ranges (they'll lend up to 90%) - as long as you need further borrowing when you move and port the product. LTV has nothing to do with this. The latest "bargain" rates for existing BoS customers are all in http://www.bosmortgages.co.uk/pdf/product-range-and-current-rates.pdf BoS seem to offer a four year fix at 3.99% for existing customers with at least 75% LTV: http://www.housepricecrash.co.uk/forum/index.php?showtopic=196298 Not the most competitive deal, but far better than what you're currently getting. Quote Link to comment Share on other sites More sharing options...
pjw Posted February 4, 2014 Author Share Posted February 4, 2014 BoS seem to offer a four year fix at 3.99% for existing customers with at least 75% LTV: http://www.housepricecrash.co.uk/forum/index.php?showtopic=196298 Not the most competitive deal, but far better than what you're currently getting. Yes, I noticed that - but not for further borrowing. I don't know what UNISYS means on the page either. I can phone and ask. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted February 4, 2014 Share Posted February 4, 2014 Again, it helps to think of BOE actions as primarily helping banks, and then government, with people a distant third. "Low interest rates" are primarily for the benefit of banks, not you or I. It allows *them* to get hold of money cheaply, not you. If it were for *our* benefit, my credit card cash rate wouldn't carry a 27.9% APR. the low interest rates and QE have been official policy to help banks...by keeping asset prices raised....OFFICIAL Quote Link to comment Share on other sites More sharing options...
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