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Standard Life intermediary mortgages axed as bank transfers to Barclays

Standard Life Bank has revealed that following its transfer to Barclays on January 1, its mortgage and savings products will no longer be offered via intermediaries.

Following the sale of Standard Life Bank to Barclays, which was announced in October, SLB mortgage and savings products will no longer be available to brokers.

In an email to intermediaries the bank says that while there will be no further sales of SLB mortgage products to intermediaries or directly, new and further borrowing requests will continue to be accepted from existing SLB customers.

It says: “Existing customers will be able to continue servicing their mortgage in the same way, either over the phone or online.

“There are also no changes to the availability of certain features for existing customers, such as cash reserve, borrow back, payment holidays and offsetting.”

The bank insists that procuration fees for pipeline savings business will be honoured and paid in the usual way.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. What will happen to Standard Life’s SVR? Also, who controls this SVR (at 5.34% it is higher than Barclays, which became a tracker rate of BOE+4.49% in December. This seems rather unfair considering they only lowered it by a couple of % when rates decrease, and now want to lock in the gap) and will they merge? – A concerned SL mortgage holder.

  2. what else is to be expected from a Bank that offered trail of 0.1% pa to advisers to introduce new business but later found that “commercial realities” meant that it no longer made sense for the Bank to continue the payments. How the once mighty have fallen.

  3. I understand the Safer Haven cash options are continuing.

  4. Why SLB’s SVR is 5.34%? where halifax can offer 3.49%.is this not controlled ?
    This is really Unfair in this economic conditions.
    Will they reduce atleast another % on SVR.

  5. Barclays take owbership of SLB Mortgages 1st of June, SLB are no longer interested in any of it’s exsisting customers they know you have no choice but to pay the unbeliveble 5.5% standard rate, and so SLB are cashing in or our inablility to get a new lender in the current market. It is an outragious rate designed to make you leave SLB or go bust.

    Cant imaging how I personaly will pay my SLB when the Bank of England start bumping the rate up, people with SLB mortages that cant move could face rates as high at 10-15%.

    Barclays Bank are acting very irisponsibly they used tax payers money to buy SLB and seem to want to bankcrupt all its customers wuite happliy. Should have let SLB go bust!

  6. Yes i think there should be a petition, is there a petition when can sign up to…

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