Nationwide & UCB should read this

Dear nationwide and UCB Home loans:

Your customers are getting very angry, this below are just some of the comments that can be read, the others have more colourful language.

Public opinion is a powerful thing and has in past caused companies to go bankrupt, so take a lesson from history do not ignore your customers..

From the UCB home loans web site.
The interest rate you pay on a variable rate mortgage will go up and down over the lifetime of your mortgage – roughly in line with interest rates in the economy. – 4.79% is not roughly inline with interest rates.

Having a variable rate means paying a fair market price for the money you borrow – and you won’t be tied into early repayment terms and conditions.

Make a Complaint about UCB home loans to the financial ombudsman

Complain about UCB home loans to the bank of England

Finally send your letter of complaint go Gordon Brown

Its time you started pulling your weight and dropped rates otherwise wise the FSA and the UK Government are going to start breathing down your neck..

UCB Customer comments:

UCB Customer // February 18, 2009 at 10:43 pm (edit)

Why do UCB feel the need to exploit their customers ?

Please answer this?

I wrote complaining about the extorniate charges and their response was

“I can confirm that UCB Homeloans is not under any obligation to apply any bank base rate reductions to the variable rate either in part or in full”

The above statement which they made is unfounded as their is a code of practice of treateing customers fairly which is certainly not what UCB are doing. They are breaking FSA guidelines. MORE AND MORE PEOPLE NEED TO COMPLAIN ABOUT UNFAIR TREATMENT, Their treatment is like the childhood bully.

Tim // January 25, 2009 at 6:30 pm (edit)

i have 3 mortgages with ucb, 1 fixed and 2 on trackers. i hhad been benifiting from the rate cuts until the last 1/2% cut was announced saying that they are not passing it on. the banks have been bailed out with our money and are punishing us with not passing on the full cuts. the goverment should force these banks immediatly to pass on all cuts & fine the banks that dont. seems that banks are looking after themselfs before their customers & now their shareholders

Graham Head // February 2, 2009 at 11:53 am (edit)

What do you think will happen to the rates on the 5th February?

Also, now that we the public pretty much own the banks. Why can we notforce them to lower interest rates?