Standard Life Bank

[down-the-slope]

Anyone here work for them?....if so please pass on a bit of :grr::grr::grr::grr:

from me.

Over last 12 months the BEBR has dropped from 5.5% to 1%

Their SVR has dropped from to 7.25% to 5.24%

4.5% v 2.01% :boo hoo:

What are others experiences? and are there any morgage brokers out there :greengrin

[Woody1985]

The Bank use the LIBOR rate I think. Hence the reason they were the cheapest SVR a couple of years back.

I know the LIBOR rate has reduced lately as well but I think they must have hedges their bets to secure rates for a set period of time.

I wouldn't expect a 0.5% rate cut on the SVR....

Tracker mortgages will be reduced tonight effective 16.02.2009.

[Wembley67]

The Bank use the LIBOR rate I think. Hence the reason they were the cheapest SVR a couple of years back.

I know the LIBOR rate has reduced lately as well but I think they must have hedges their bets to secure rates for a set period of time.

I wouldn't expect a 0.5% rate cut on the SVR....

Tracker mortgages will be reduced tonight effective 16.02.2009.

Has that been confirmed? I find it highly unlikely that all tracker mortgages will see the full reduction.

[Woody1985]

Has that been confirmed? I find it highly unlikely that all tracker mortgages will see the full reduction.

Yes (although you won't find it anywhere yet) :wink:

The tracker doesn't have a floor/collar so they have to pass it on.....

Edit; in bold, I don't know if you mean SLB or other lenders in general but SLB definitely will.

[down-the-slope]

The Bank use the LIBOR rate I think. Hence the reason they were the cheapest SVR a couple of years back.

I know the LIBOR rate has reduced lately as well but I think they must have hedges their bets to secure rates for a set period of time.

I wouldn't expect a 0.5% rate cut on the SVR....

Tracker mortgages will be reduced tonight effective 16.02.2009.

Thanks woody - don't expect they will drop it. Just feel a bit shafted having been a customer for years who has seen rates always go up when BEBR has gone up. Hear what you are saying about LIBOR...if thats the case the must be getting shafted by trackers having no basement - just wish I was not one of those paying for it.

Those on Trackers had better not get used their payments if they are on fixed length deals as they are going to get crucified when they end as the jump will be astronomical.

Only joy for me ...only 3 years and 5 months left and I'll be Morgage free and only 44...what a sensible 19 year old I was :greengrin

[Woody1985]

Thanks woody - don't expect they will drop it. Just feel a bit shafted having been a customer for years who has seen rates always go up when BEBR has gone up. Hear what you are saying about LIBOR...if thats the case the must be getting shafted by trackers having no basement - just wish I was not one of those paying for it.

Those on Trackers had better not get used their payments if they are on fixed length deals as they are going to get crucified when they end as the jump will be astronomical.

Only joy for me ...only 3 years and 5 months left and I'll be Morgage free and only 44...what a sensible 19 year old I was :greengrin

There's a number of different funding routes a company can go down, wholesale savings, money markets and securitisation. I don't work in Finance so don't know how each of the different mortgages are funded. I can't imagine they would have funded tracker mortgages with LIBOR though.

I'll be in from 3am tonight to make sure all of the Tracker letters are processed and sent out correctly (that's why you might see some strange post times from me midweek :greengrin). Hence the reason I know the rates are defo dropping on Tracker.

Most of the SLB Tracker products are now Tracker for Term, there's a few 3 year & 5 years though. The lowest we have is a -0.35% tracker rate which is quite tasty.

The residential SVR that it sounds like you are on is under review at the moment.

I don't have a mortgage and am actually a bit gutted as I don't think we'll see rates like this again in my lifetime :boo hoo:. Just now is the ideal opportunity to get a wedge paid off.

[LeithWalkHibby]

There's a number of different funding routes a company can go down, wholesale savings, money markets and securitisation. I don't work in Finance so don't know how each of the different mortgages are funded. I can't imagine they would have funded tracker mortgages with LIBOR though.

I'll be in from 3am tonight to make sure all of the Tracker letters are processed and sent out correctly (that's why you might see some strange post times from me midweek :greengrin). Hence the reason I know the rates are defo dropping on Tracker.

Most of the SLB Tracker products are now Tracker for Term, there's a few 3 year & 5 years though. The lowest we have is a -0.35% tracker rate which is quite tasty.

The residential SVR that it sounds like you are on is under review at the moment.

I don't have a mortgage and am actually a bit gutted as I don't think we'll see rates like this again in my lifetime :boo hoo:. Just now is the ideal opportunity to get a wedge paid off.

Thank you Bank of England - best decision I ever made was to get a 0.19% above base rate lifetime tracker. Happy days :greengrin

[down-the-slope]

Thank you Bank of England - best decision I ever made was to get a 0.19% above base rate lifetime tracker. Happy days :greengrin


You won't be saying that if rates get to 14.5% as they were in the second year of my mortgage:bitchy:

[LeithWalkHibby]

You won't be saying that if rates get to 14.5% as they were in the second year of my mortgage:bitchy:

That's a long way away from my current 1.19%. I'll not worry just yet.