First Active offset rate reduction?

D

dockingtrade

Registered User
Messages
342
Hi, Just heard First active are not passing on full amount. I cant find the documenatation but is an offset current account a tracker mortgage I remeber at the time them saying it will always at most be x% above the ECB rate. Though its not titled as tracker mortgage, does anyone know if the offset mortgages will get the full benefit.
Thanks
 
Yes the offset gets the full reduction. They have it up on their website.

I`m on a variable and will be on the phone first thing Monday enquiring about moving my mortgage elsewhere.

I`ll also be sending an e-mail to First Active this evening telling them of my intentions and my disgust at their actions. It will probably be ignored but I think its important to let them know how I feel.
 

Yes, FA are keeping 0.25% for themselves on the Standard Rate mortgage.

I'm on the standard rate too, and I will also be advising them of my intention to move.

I had only stayed with them up until now as I had some money on facility with them, that I've recently drawn down.

I originally went with them because they had a really good Offset Mortage product (in 2004) but 6 months after I signed up, they terminated the product and forced me on to a standard rate.

This latest bout of mean spiritedness if just the motivation I need to make the final push.
 

the product you are talking about was the current account mortgage, it had a tracking rate of ecb + 1.29, it swapped to the offset mortgage is 2006 which i believe has better bits to it, this is ecb +1.15, so is a better rate then what it was. so that is a better rate or did you move to a differernt rate, why didnt you stay with the product
 
im also disgusted that FA are not passing on full rate cut,

i think ill be changing mortgage providers also
 
I have an offset mortgage since end of 2003. They have only just recently withdrawn the product from the market, so I dont understand how they made you change in 2004? I would query that!

I am happy that they are passing on the full interest rate cut to me, but think its disgusting that they are not passing it onto the variable customers.

They passed on the increases and thus they should pass on the reductions!!!

I have a top up mortgage aswell. Im not sure if that is classed as offset or variable. Will be checking that tommorrow!

Cheers
Caz
 
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