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BoI clients moving to TMW face SVR shock

The 14,000 mortgage customers transferring from Bank of Ireland to The Mortgage Works as part of a loan book sell-off are facing an almost 2 per cent increase in their SVR.

Last month BoI sold a £1.1bn mortgage book to Nationwide. This will see 14,000 BoI customers transfer to TMW in December.

BoI’s SVR is 2.99 per cent while TMW’s is close to double that at 4.79 per cent.

A spokeswoman for TMW says: “Customers will remain on their existing terms and conditions. TMW is able to align SVRs, but as a temporary concession it will not align these customers’ SVRs at the point of transfer, but over a phased period. We will keep customers updated about when their rate will change.”



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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Why people use TMW is beyond me.

    Astronomic fees ad poor terms. Terrible deals.

  2. We did not have a choice in the matter!

    BOI account customers were transfered to TMW hence the increase to 4.79% SVR from 2.99% SVR.

    TMW is completely financially abusing acquired customers with the proposed hike of 1.8%!

    Phased period of concession- joke…this means a 3 month notice period for all. Those that can afford to move will … those that can’t will be ripped of the TMW hikes!

    This should not be allowable the people on the street are challenged as it is and we need to stand up to this financial abuse.

    What can be done?

    I have already expressed objection to TMW , raised awareness with MP, notified rip of brit websites etc of this story- what next?

    We have a couple of months to stand tall and take action as a 1.8% increase in unreasonable especially, as TMW were fully aware of the margins being made on the mortgage porfolio at time of take over. Hence , by changing the SVR is not honouring our Ts and Cs !

  3. sorry to inform you of this “ma”, but TMW are acting fully within your T&C’s. This is a risk that customers who are on SVR rate take as if your current lender get into financial difficulty then as your mortgage aka your home is an asset to them, then they have the right to sell that on to who ever will buy it, many other companies before TMW did look at the portfilo being sold but re-fused to take on the accounts. I know this does seem a bit harsh but if TMW and Nationwide did not take on those accounts then these 14000 accounts would have been repossesed but BoE and customer would have been told to either find a new lender within 14days or to pay their mortgage balance in full. If like me you are not able to do either of these thing then BoE would take your home as BOE over exposed themself to high risk investments.

    sorry its not good news but this is why mortgage brokers try and sell fixed and traker rates rather than SVR rates, to help protect customers from these kind of interest increases.

    have spoken with TMW about their RMR rate of 4.79%, even though they are a side arm of Nationwide, they are a seperate company all together, and the reason for their rates is that, they must borrow from Nationwide who charge them 2.49% who themselfs borrow from BoE who charge 0.5%. Therefore if you look at it there rates are in line with the cost of borrowing, and that is why most sideline lenders are higher than going to a bank, but they are easier to borrow from than high stream lenders.

    As for mounting any act against Nationwide, what will it gain, Nationwide have million apon millions of customers, plus government accounts are run through them also, 14000 customer will not even scratch the surface, your efforts would be better spent looking for a better mortgage else where if you can.

    I do feel sorry in a way for people who will be effected by this change in rates but also i don’t, as i said before SVR rates are a gamble at the best of times.

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