Newbury building society

[BermyAndy]

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]

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]

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]

No one else with them?

[Puggit]

We were until this June when they didn't pass on a cut...

[telecat]

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.