Nationwide variable interest rates

If your looking of a mortgage then the loan sharking UCB home loans nationwide variable interest rates at more than 4.69% are just that loan sharking..

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%..

UCB 4.79% Variable rate is loan sharking

If Gordon Brown wants, the public to spend more in the economy then these Mortgage rates [UCB is part of NATIONWIDE] that are at least 2% too expensive, have to be forced down by the Government.

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..

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.

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?