Hi all, Just an update, I'm choking on my Cornflakes with the latest turn of events. I don't believe it. I have written to the bank for an explanation of how they can manipulate the interest rates after agreeing to move them in line with the Bank of England's. But before I even got a reply they'd written to me to say they are going to increase the interest rate again by another quarter point. I have now had their reply and they have said: "We are also aware that some years ago certain price promises were made to our customers around changes to the Virgin One Account rates following any change to interest rates set by the Bank of England. These promises did not reflect the mortgage terms and conditions, but were a genuine statement of our intentions at the time, and we can only apoplogise if, as a result of the communications, you were ever led to believe that the rate would always track the Bank of England Base Rate." Well forgive me, but "these promises did not reflect the mortgage terms and conditions" sounds like a pretty clear case of mis selling or mis leading to me. I am surprised that other holders of Virgin One Accounts haven't posted to demonstrate their concerns too. It seems now that they've decided in for a penny in for a pound and they're accelerating up and away from the B of E base rate using the credit crunch as a scapegoat. Are we expected to just roll over and take this? When I took my loan, it was a major selling point that the interest rate would be tied to the Bof E rate. It was something they proudly flaunted as it offered some sort of benchmark and security. They have clearly stated in their letter that they did promise to do this, so how can they then just decide to pull the rug on it ten years later. Is there anything here that gives rise to a formal referral to the FSA or FOS for mis selling me and many others their mortgages?

Hi all, I've had a Virgin One account mortgage for about ten years. In the terms of the loan, the interest rate that I am being charged was guarenteed to follow the changes in the interest rate of the Bank of England. Up until now, that has been the case. However this morning, for the first time, I received a letter from them saying that they will not be passing on the cut in the interest rate on this occasion. I have to say I am outraged at this. Surely this is a breach of contract and they can't do it ! Has anyone else got the same letter, and feels the same way as me? If so, what can we do about it, it's so unfair. Surely thay can't just change the rules because they're starting to feel the pinch. regards Cagpablo