Glad to see that we can now view the rates for our reviews. Maybe next time Ciao should test the new...
Glad to see that we can now view the rates for our reviews. Maybe next time Ciao should test the new system before installing it?
Member since:21.10.2000
Reviews:927
Members who trust:329
About four years ago I received the annual statement from Sun Life Assurance regarding my mortgage endowment and, being an accountant, I did a few calculations to see roughly what the final figure would be at the end of the term. I was horrified by what appeared to be quite a shortfall in endowment to mortgage outstanding!
Since the returns from the policy were not going to be enough to pay off the mortgage at the end of the term I had a choice to either take out a further policy or change my mortgage. I decided to change my mortgage from an endowment mortgage to a repayment mortgage. I shopped around and found that the best deal would be with the Britannia Building Society, as they would give me a discounted interest rate whilst I remained a member of my trade union, Unison.
I have also continued paying my policy with Sun Life, so I shall have a lump sum at the end of the mortgage AND the mortgage will already be paid off, so it will be a bonus to me. But I digress…..
We do not have a branch of Britannia in Walsall where I live, so I had to deal with the West Bromwich branch. I was very impressed by the standard of service that I got. I was sent all relevant information by post and I had numerous telephone conversations with the gentleman at West Bromwich dealing with my mortgage and nothing was too much trouble for him.
I have been impressed with the way that the mortgage has been administered over the last four years. When the interest rates have changed the decreases are applied to the account as fast as the increases are, which in my experience is unusual in itself!
I am now waiting for a few more months until the five years for which I agreed to keep the mortgage are complete and then I shall transfer to one of their flexible mortgages. I expect to do so with the same degree of ease experienced when I transferred my original mortgage.
I have also taken out both buildings and contents insurances with them. I have checked out insurances elsewhere and cannot find anything any better or cheaper. I have made a couple of claims in the insurances and have been impressed by the efficient and speedy service that I have received.
The Britannia have decided to remain a building society and all the savers and borrowers get a loyalty bonus each year based on amounts saved and/or repaid. All members are allocated a number of points based on the following criteria: - Savings Account – one point for every £100 invested (based on monthly average balance over the year) Mortgage Account – one point for every £1 monthly subscription due (based on monthly average subscription during the year) Additional Points – 50 points each for insurances, pensions, PEPs, Unit Trusts, Life Endowments, and Health Products.
The value of a point is then calculated by the Building Society and the two are multiplied together to give the Loyalty Bonus. Once a member has been with the Society for 5 years the number of points is multiplied by 1.5 before the financial calculation and once you have been a member for 10 years it is multiplied by 2.
I realise that this is not the same as some of the big payouts that have been made when societies demutualise, but, if this SHOULD happen at least I have my account here ready to receive my share. Until then I will be very happy to receive my Loyalty Bonus each year.
How helpful would this review be to a person making a buying decision? Rating guidelines
I've been with Britannia with mortgage, savings and ISA - starting my relationship with them in 1988 - and get my loyalty bonus paid directly (without tax deducted) into a savings account. My only quibble is that as joint mortgagees, we get joint benefits, even though currently I am paying the bulk of the payments - ie mortgage and insurance - my huband gets half of my loyalty points for these products (held in joint names) even though he pays nothing towards them. ≈≈≈≈{; -)-{{::::: |||||<
pagan 16.05.2001 11:12
I think you must have updated this op - as you appear to have strange ratings for it!!
SusanLesley 30.11.2000 16:58
Last year the bonus was calculated thus -
1 point for every £100 invested
5 points for every £1000 of the mortgage advance outstanding
50 points each for the buildings and contents insurances
Each point in 1999 was worth 31p
After 5 years with the society the total points are multiplied by 1.5 and after 10 years with the society the total is multiplied by 2.
I have both insurances, a modest mortgage and I have been with the society just 4 years and I got £53.32 last year after tax.
To Connoisseur Haggler - which school?
Nov 30th, 2000
(Nov 11th, 2001)
very helpful by (83%):
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somewhat helpful by (4%):
