UCB mortgages not passing full rate cut

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[cheaperholidays]

Hi

If any of you have a mortgage with UCB, part of the Nationwide Building Society. Then you will find that the latest 1% rate cut is not being passed on.

Instead you get just 0.1% which is a bloody disgrace,  the government should slam these buggers down with punitive penalties until they pass on the full 1% cut...
 
Rant over

K

[royhgk]

Lucky i paid off my mortgage  this yaer then

[trebor4460]

Most of the bastards aint passin on the full rate cut, unless you have a base rate tracker, in which case they have to pass it on... lucky for me cos mine is a tracker.

[mcraig]

Mines a tracker too  Paying £210 less than i was 6 months ago.................but earning less so all relative really

[Ripple]

bloody buggering fixed rate morgage i am stuck with... may be worth it soon though!

[cheaperholidays]

I wrote to UCB mortgages after getting the "we don't have to reply", asking them if that was the case how come they dropped all the previous rate cuts in full.

Plus would they be happy to see themselves being discused all over the internet and in Parliament...


K

[*Rich*]

bloody buggering fixed rate morgage i am stuck with... may be worth it soon though!

I'm on fixed rate too, but it will be to our benefit soon enough, because them rates will come back up sooner rather than later.

[KingNine]

Something to bear in mind (& may explain the original issue) is that hidden in the small print is a clause which sets the lowest interest rate the mortgage will have, usually about 2.5 - 3%. Now in the past, interest rates have been way above this so no-one's noticed but now with rates dropping, this clause is being invoked. What it means is that no matter how low the B of E base-rate goes, the mortgage rate will never be below that threshold. This has been highlighted recently and I'm told several outfits have junked it as it's rightly seen as a fucking rip-off after all the taxpayer has done to bail out the banks incompetence and negligent behavour.

[cheaperholidays]

This has been highlighted recently and I'm told several outfits have junked it as it's rightly seen as a fucking rip-off after all the taxpayer has done to bail out the banks incompetence and negligent behavior.

Quite right too, we need to get this on as many web sites as possible and stop "UCB mortgages and others" the robbing bast***s playing the stitch up game..