Jump to content
Sign in to follow this  
ukaviator

Interest rates: Tracker mortgages with collars

Recommended Posts

Following the latest cut in interest rates, borrowers are being urged to read the small print on their mortgages before they start to bank on lower repayments.

While many lenders are committed to passing on the cut in full to customers on tracker deals, some have collars, or floors, in place which mean they will not reduce mortgage rates in line with the next cut. Our table — put together with the help of broker Savills — shows which banks and building societies impose collars.

.

Abbey 0% (although some tracker deals have clauses which allow the lender to change the margin on their loan)

 

Accord 3% (won't fall below 3% +/- your tracker margin)

 

Alliance & Leicester No collar

 

Bank of Ireland No collar

 

Bank of Scotland No collar

 

BM Solutions No collar

 

Bristol & West No collar

 

Britannia BS No collar

 

Cheltenham & Gloucester No collar

 

Chelsea BS No collar

 

Chesham BS 3.50% (this is lowest rate borrowers actually pay)

 

Clydesdale No collar

 

Co-operative Bank No collar

Coventry BS No collar

 

Darlington BS 4.50% (this is lowest rate borrowers actually pay)

 

Dunfermline BS 1.75% (+/- your tracker margin)

 

Earl Shilton BS 4% (this is lowest rate borrowers actually pay)

 

Halifax Effectively no collar (the lender dropped a controversial clause

allowing it to impose a floor last month)

 

HSBC No collar (reserves the right to stop cutting tracker rates if "material change in mortgage market")

 

Intelligent Finance No collar

 

Leeds BS No collar

 

Lloyds TSB No collar

 

Monmouthshire BS 3% (this is lowest rate borrowers actually pay)

 

Nationwide BS 2.75% on loans taken out pre-30/11/08 (did not enforce this after the base rate cut in December 2008 but has said it will not pass on further cuts). 1.00% on loans taken out since 1/12/08

 

Newcastle BS No collar

 

Northern Rock No collar

 

Norwich & Peterborough BS 3% (this is lowest rate borrowers actually pay)

 

Principality BS 1% (discount tracker sold through brokers is subject to a 2% collar)

 

Royal Bank of Scotland No collar

 

Scarborough BS 3% (this is lowest rate borrowers actually pay)

 

Scottish Widows Bank No collar

 

Skipton BS 3% (+/- your tracker margin)

 

Standard Life No collar

 

The Mortgage Works No collar

 

West Bromwich BS No collar Retention products launched 24/11/08 include collar set at 2.75%

 

Woolwich No collar

 

Yorkshire BS 3% (+/- your tracker margin)

 

Link here:

 

Which lenders have collars on their tracker mortgages? | Money | guardian.co.uk

Share this post


Link to post
Share on other sites
Sign in to follow this  

  • Recently Browsing   0 Caggers

    No registered users viewing this page.



  • Tweets

  • Our picks

    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
      • 0 replies
    • 30 Day Right To Reject - Vehicle Casualty Report. Read more at https://www.consumeractiongroup.co.uk/topic/415585-30-day-right-to-reject-vehicle-casualty-report/
      • 17 replies
    • I am new here but very glad to find my way here and would welcome any input.
       
      i purchased a brand new campervan conversion from Hillside Leisure (175 miles from our home) on July 26th for £31,000 and, within 48 hours, during a storm, the alarm began to sound incessantly. We could not get it to stop, even after trying everything listed in the manual. We phoned Hillside on Saturday July 28th around 2.00pm. The young man who answered the phone said he would seek the advice of their technician and call us back, which he did. The technician told us that they, Hillside, couldn’t help, but that we should take the van to Nissan (the van is a Nissan) as the fault would lie with one of their components.
       
      • 42 replies
×
×
  • Create New...