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Review of the Monmouthshire Building Society, Mortgages:

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Ridiculous interest rates

Ridiculous interest rates, they set their own SVR so high it's eye watering. I was pushed into a deal that's crippling me as they knew I had no other choice. They meant to charge me thousands to move to another deal when they know I can't afford this one anymore. inhave multiple mortgages with multiple companies and not one of them leech from their customers like this. It's disgusting how high they set their rates! Reviewed on: 22nd November 2024

Reply from Monmouthshire Building Society Thank you so much for your review, we’re very sorry that you’ve had an experience that you’re not happy with and we’d be happy to speak directly about your case. As a society we’ve not passed on all of the bank of England rate increases in 2023/2024 to our SVR rate, and we asses the rates against other banks and building societies regularly so we’re not out of line. Standard Variable Rate is for members who have finished their fixed or discount product period and have not moved to another product term. We offer a full range of products for members at the end of their product term which are available on our website and on communications you will have received as you neared the end of your term. We also actively contact our members who are on SVR to encourage them to look at other options which may be more suitable for them. Our fixed, variable and discount rates are competitively priced in the market. Any member who is on SVR can find another lender with no early repayment charge so we would encourage you to assess your options. If you would like to discuss your review further, please contact one of our Direct Sales Team Leader’s on 01633 982178 or 01633 844320. Response date: 27th November 2024

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