Newbury building society
Newbury building society
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BermyAndy

Original Poster:

2,050 posts

248 months

Wednesday 12th November 2008
quotequote all
Anyone else with them here?

Got a letter today regarding the BoE 0.5% rate change. 3/4 of the first page is all about how they are able to reduce their rates by 0.5%, citing how this compares favourbly with other lenders and lists reasons why they can do this

However, the final paragraph then says 'however, on this occasion we arde only able to reduce our SVR by 0.2%" as they have to pay for the iceland bail outs etc

WTF??? How can they say how they are able tp pass on the full rate, and they tell me they cant?

Edited by BermyAndy on Wednesday 12th November 21:07

Tony*T3

20,911 posts

277 months

Wednesday 12th November 2008
quotequote all
BermyAndy said:
Anyone else with them here?

Got a letter today regarding the BoE 0.5% rate change. 3/4 of the first page is all about how they are able to reduce their rates by 0.5%, citing how this compares favourbly with other lenders and lists reasons why they can do this

However, the final paragraph then says 'however, on this occasion we cant pass the full drop, and so will only give you 0.2%" as they have to pay for the iceland bail outs etc

WTF??? How can they say how they are able tp pass on the full rate, and they tell me they cant?
BAd news for you is the BOE rate drop was 1.5%.... not 0.5%!!!!!!!!!

BermyAndy

Original Poster:

2,050 posts

248 months

Wednesday 12th November 2008
quotequote all
Tony*T3 said:
BermyAndy said:
Anyone else with them here?

Got a letter today regarding the BoE 0.5% rate change. 3/4 of the first page is all about how they are able to reduce their rates by 0.5%, citing how this compares favourbly with other lenders and lists reasons why they can do this

However, the final paragraph then says 'however, on this occasion we cant pass the full drop, and so will only give you 0.2%" as they have to pay for the iceland bail outs etc

WTF??? How can they say how they are able tp pass on the full rate, and they tell me they cant?
BAd news for you is the BOE rate drop was 1.5%.... not 0.5%!!!!!!!!!
They tend to run about a month behind. This was related to the previous 0.5% drop

Edited by BermyAndy on Thursday 13th November 11:03

BermyAndy

Original Poster:

2,050 posts

248 months

Thursday 13th November 2008
quotequote all
No one else with them?

Puggit

49,804 posts

278 months

Thursday 13th November 2008
quotequote all
We were until this June when they didn't pass on a cut...

telecat

8,528 posts

271 months

Thursday 13th November 2008
quotequote all
That's one thing Gordon isn't spouting about. The levy that ALL Banks and Building societies have to pay him to bail out the rest. Even applies to Building Socieites that were not in trouble.