Jump to content

 

BankFodder BankFodder


The Phantom

Natwest Tracker mortgage - payments not come down despite rate cut ?

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1301 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

I have got a Mortgage with Natwest on a tracker rate, which tracks + 1.45 above Bank of England Rate.

The Bank of England as we know has cut rates on the 4th of August but Nat West keep on charging the same amount, my payments haven't come down.

Funnily enough I already had letters from a number of banks (inlcuding Nat West) telling me the interest rate on my savings accounts have been slashed.

I called Nat West but was fobbed off with I would get a letter through the post, which I so far haven't had.

But they still take the same amount of money for the mortgage of me. The latest payment has just come out of my account.

 

Does anybody know how a tracker mortgage works ? I thought when the BoE rate comes down, the tracker follows suit. It obviously doesn't, so I am a bit confused that I was sold something unsuitable ?

Share this post


Link to post
Share on other sites

It takes a couple of months for mortgage lenders to "notice"

Share this post


Link to post
Share on other sites

To add to king most mortgages will only change on a quarterly basis. So the bank take a date and charge you that amount for the next three months i.e rate on 1st August would be the amount you would pay fror sept,oct and nov then your rate for the next 3 months would be the 1st Nov and so on.

I imagine that why you are not seeing any difference yet.

Share this post


Link to post
Share on other sites

Mine changed almost straightaway. Cheltenham and Gloucester pre-credit crunch tracker.

Share this post


Link to post
Share on other sites

I am on a tracker and my agreement says (should have read the small print first) that any changes in the base rate will be taking effect from the 1st of the following month.

So rate should come down from 1st of September and my next payment end of September should be lower.

If not I will start to kick up a fuss.

Mind you, they still haven't send me a letter to this effect but I can tell by my next payment anyway.

Share this post


Link to post
Share on other sites

When I had a mortgage and the interest rate was dropping like a lead balloon, HSBC kept me informed pretty soon after the interest rate drop notice. It is the only good thing I would say about HSBC.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

I phoned NatWest again asking when I would be informed about my new payment, considering the next mortgage payment is due out in two weeks time.

The advisor said they haven't actually changed the payment amount yet in the system as far as he could see, but I should get a letter 'soon'.

Well, we'll wait and see. He said they have to send so many letters out , that's why there could be a delay. If they take the same amount again at the end of the month, then they just 'hadn't got around to changing it' and I would get a refund once that had been processed.

Funny how prolonged and dragged out such things can be when it is in the customer's favour and how quick and efficient they can be when it is the other way around

Share this post


Link to post
Share on other sites

Check the exact date when the amount of interest charged was changed (or will change). If there's a delay before changing your DD then you've made a small overpayment off the balance. You should be able to confirm this from their statement.

Edited by aesmith

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...