Bank Of Scotland's Standard Variable Rate

J

Jonathan.OB

Registered User
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164
4.65%.

They've recently increased this by over 1% for existing and new business.

How on earth can they get away with this, considering the cost of borrowing funds is much less?
 
HBOS have put rates up for savers too. The new rates are more in line with their UK rates - I think they were getting bad press because their rates were lower here than the UK - and the UK taxpayers have "bailed" them out.
They can charge what they want really - can't they?
 
Yes, of course they can charge what they want, but a sudden sharp increase is quite harsh for existing clients.

Put it this way, I had a client who recently refinanced with BOSI. His repayments have jumped €200 in one day.
 
How come this hasn't hit the papers? I thought there would be a lot more press about it?
 
Press report on what they want to...the recession is getting boring fast for them, they're looking for something new! Banks are yesterday's news!
 
Banks release press releases when they want the press to print something. Finding this out would mean a journalist doing some pro-active work (rare). They might read this and it might be in the papers next week?
 
Jonathan.OB said:
4.65%.

They've recently increased this by over 1% for existing and new business.

How on earth can they get away with this, considering the cost of borrowing funds is much less?
Click to expand...


Its for new business only according to their site?
 
Just double checked and it doesnt affect existing customers beyond a certain date. i think they increased their rates last month as well so I suppose if you took out a mortgage since then.

Certainly my rate is still a lot less than that and I`m only with them two months.
 
Hi Brendan

I am a BOSI customer and have a main mortgage and a smaller top up. My top up is on a tracker rate. The main mortgage which is the more worryingly large one is on a variable rate but the rate is very low, almost as low as the tracker. I have been trying without success to get my hands on my original mortgage offer to see if the variable rate is linked to ECB or something but have not be able to find out so far. My mortgage (not in arrears) has recently been sold so I am worried the company that has purchased it can put whatever mortgage rate they want on it. Do you know anything about any of this? Any help much appreciated.

Thanks
Sarah
 
Ask Certus/Lonestar for a copy of your file under the Freedom of Information Act (there might be a small charge for this).

I have two BOSI mortgage which on their 'standard variable rate' however within the loan offer it states that their variable rate will never be X% above the ECB rate, so effectively a tracker.
 

I got a copy of my loan offer but it doesnt mention it. Is it in the T&C's?
 
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