The government should shut down lenders like this unless they reduce the variable rate to 3% and under.

If they don’t then some form of direct action is needed if you have a mortgage like this with nationwide and we all stop paying for a few months they will go bankrupt…

With the government concerned about a dose of deflation, yet they seem gutless to get control of rip of lenders like the nationwide UCB which are part of the cause of this coming deflation…

TO be able to spend more in the economy mortgage payers have have the rates reduced, so we have more in our pocket to spend simple really…

Economists expect the Retail Prices Index (RPI), which includes housing costs, to have declined for the first time in 49 years.

If so, it will raise fears the UK is facing a damaging bout of deflation.

What is a loan shark?
A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated by the Office of Fair Trading (OFT) and must follow the OFT’s codes of practice.

Which the Nationwide is avoiding….

Because they’re not licensed, loan sharks operate outside the law. If you borrow from them it’s likely you’ll:

get a loan on very bad terms
pay an extortionate rate of interest
be harassed if you get behind with your repayments

This just about sums up all lenders, lIke UCB home loans who are charging over 4.69%..

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

The more complaints the government receive and this includes your Mp who after all are elected by us the Plebeians, then the faster things will be changed..
View This Poll
This is from the UCB website:

http://www.ucbhomeloans.co.uk/existingcustomers/cc1_typesmortgages.html

Variable rate mortgages
Once a Fixed or Tracker rate period comes to an end, the rate of interest you pay on your loan usually changes to the lender’s standard variable rate for that product.

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.

Its repulsive and deceptive to say the 4.79% is roughly in-line 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.

Those with UCB variable rate mortgages should immediately cancel their direct debits and refuse to pay until the rate drops by half.

Current the Rip off Nationwide variable rate is 4.79%

Nationwide said that as market conditions had continued to deteriorate, it made sound business sense to persist with just one specialist lending brand, and has closed UCB home loans, and gone with The Mortgage Works.

Which means the Rip of loan shark Nationwide Variable rate of 4.79% is being run by Nationwide building society, although the ;etters stil say UCB HOME LOANS

Matthew Wyles, group executive director of Nationwide Building Society, said in the current market place the business case for running two specialist brands had weakened

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?

So come on Nationwide and UCB you are upsetting more and more people every day from Mortgage holders to the Government.

So here is a radical approach , if mortgage holders, who have home loans with UCB stopped paying their mortgage on mass for a few months you would be bankrupt.

Its time that you dropped the UCB standard variable rate by at least 1%….

Have your say on UCB home loans ADD a comment below.

Well here is a warning to you at UCB home loans, i have taken steps to ensure the government is aware of your actions.

And i quote from a letter received from Ian Pearson MP, “The Government is determined to ensure that borrowers are treated fairly”

Its time that UCB home loans brought the variable rates down to a level that would allow more money to be spent in the economy and the rate of 4.79% is not it..

Dear Prime minister,

Would you kindly take to steps to force UCB home loans and other lenders, that are not passing on rate cuts in full, to suffer heavy financial penalties.

UCB Home loans is owned by the Nationwide building society, and therefore the first phase should be directed against the Nationwide.

Feel free to be as creative as you like, but unless these, shall we call them rogue lenders are brought in to line, millions of pounds will not be spent in the economy, by mortgage holders of UCB and other lenders who are suffering excessive interest rate charges.

Thank You.

The News that the Bank of England has cut interest rates to 1.5%, the lowest level in its 315-year history, will give no respite or reduction in UCB mortgage payments, this has to stop.

The half percentage point reduction brings interest rates below 2% for the first time since the Bank of England was founded in 1694.

Its time the Government showed its teeth and made and example of Mortgage lenders who are not passing on rate cuts in full, and are therefore not aiding the economic recovery Gordon Brown WANTS..

So come on lets get this ecomonic recovery on the road and let consumers have more money to spend..

The rip off UCB variable RATE IS 4.79%, so i quote 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.

Which means the 0.1% drop in rates for the January payement is a rip off, so we call on the UK Government to penalise UCB and the nationwide building society…