oldgrumpy
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Post by oldgrumpy on May 19, 2016 8:31:31 GMT
The rate reductions don't surprise me. Rates are falling across the board on all property based lending - just look at the rates on AC MLIA. There are many things I like about Wellesley. That's why I had made an allocation to them in the 'safe' portion of my lending portfolio. However, their lack of communication is a bit disconcerting. Rates change, markets are added/dropped but no email or update of any sort. They probably target the completely hands off audience. It's only recently their TV over-advertised 5 year rate was 6%, and very recently and briefly (up to about three days ago) 5.8%!! To withdraw 5 year so soon after spending so much on the changed 5.8% advert appears to tell me they have too much money coming in and this is the way they have chosen to reduce it. Good job I took plenty of 5 year at 7.5%, 4 year at 7%, 3 year at 6.5% in 2014, but that 18 month special offer at 6.75% in 2014 runs out later this summer .
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Post by easteregg on May 19, 2016 12:14:50 GMT
I suspect the rate drop is simply driven by excess supply. As platforms mature the rates will fall, and some lenders will simply move their money to a different provider. I remember the rates on Zopa and Funding Circle in the "early years" were considerably higher than their current rates.
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Post by lb on May 19, 2016 13:33:40 GMT
The rate reductions don't surprise me. Rates are falling across the board on all property based lending - just look at the rates on AC MLIA. There are many things I like about Wellesley. That's why I had made an allocation to them in the 'safe' portion of my lending portfolio. However, their lack of communication is a bit disconcerting. Rates change, markets are added/dropped but no email or update of any sort. They probably target the completely hands off audience. It's only recently their TV over-advertised 5 year rate was 6%, and very recently and briefly (up to about three days ago) 5.8%!! To withdraw 5 year so soon after spending so much on the changed 5.8% advert appears to tell me they have too much money coming in and this is the way they have chosen to reduce it. Good job I took plenty of 5 year at 7.5%, 4 year at 7%, 3 year at 6.5% in 2014, but that 18 month special offer at 6.75% in 2014 runs out later this summer . if you sell out early do you collect any premium? i think the rate reductions are more likely to be the inevitable effect of paying interest on all funds (loaned or not) - lending volumes appear to be very light compared to last year unless I am mistaken
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teddy
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Post by teddy on May 19, 2016 14:18:53 GMT
Terrible behaviour by Wellesley. Stuck £1000 on at 5 years only last week. Its P2P interest rates are no longer pricing in the risk involved with this kind of investment. I'll be putting all my spare cash on to AC from now on. Am starting to dabble in the Great British Bake Off account (or whatever it's called ) at 7%, so will see how that goes.
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borofan
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Post by borofan on May 22, 2016 11:08:13 GMT
Landbay Referral please
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ben
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Post by ben on May 24, 2016 21:44:21 GMT
I missed this one just logged into my account and noticed the massive reduction I wonder how many people they get investing for that, glad still got my old ones but when they renew will be going elsewhere. The bonds are the only ones that seemed to have held in value but not really that intrested in them
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jhma
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Post by jhma on Aug 2, 2016 15:23:14 GMT
We would like to inform you, as an existing investor in the 30 Day Product, that the interest rates will be decreasing with effect from 1st September 2016 to: Existing interest rate New interest rate as of 1st September 2016 30 Day Product (interest paid monthly) 2.72% pa 2.22% pa 30 Day Product (interest paid on maturity) 2.75% pa 2.25% pa
All my 30 day funds will be out at the end of the week!
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Post by lionelrichtea on Aug 2, 2016 20:26:23 GMT
All my funds will be out as soon as the 18 month period is up in February, and I shan't be looking back!
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Post by yorkshireman on Aug 5, 2016 12:56:27 GMT
All my 30 day funds will be out at the end of the week!
All my funds will be out as soon as the 18 month period is up in February, and I shan't be looking back! Likewise, my investments are aimed at earning a decent return for myself, they’re not for topping up the nobility’s pension pots through increased profits.
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iren
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Post by iren on Aug 9, 2016 11:46:20 GMT
At current rates, I think we've reached the stage where anyone would only invest at Wellesley through ignorance. On the plus side, the increased profits must add to platform security for those of us who still have funds committed at prior rates.
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oldgrumpy
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Post by oldgrumpy on Aug 9, 2016 11:52:29 GMT
I notice they prefer not to advertise their 3.75% offering on TV in the way they did their 6%+ ones. In fact they don't advertise them at all. They obviously have a source of funds costing far less than mere lenders require.
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oldgrumpy
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Post by oldgrumpy on Aug 25, 2016 15:38:51 GMT
Now the best rate on offer is to be reduced to 2.35%, unless you take out a bond (up to 5.2%/5 year).
Strange that a company which was so vocal and optimistic in pulling us all in with good rates has, within a couple of years, decided it wants rid of us by withdrawing the model which was so attractive.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Aug 25, 2016 15:43:32 GMT
We would like to inform you, as an existing investor in the 30 Day Product, that the interest rates will be decreasing with effect from 1st September 2016 to: Existing interest rate New interest rate as of 1st September 2016 30 Day Product (interest paid monthly) 2.72% pa 2.22% pa 30 Day Product (interest paid on maturity) 2.75% pa 2.25% pa
All my 30 day funds will be out at the end of the week! Never mind 1 September 2016, it's only 25 August and no 30 day P2P is now offered. Only one and two year (2.25/2.35%)
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iren
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Post by iren on Aug 25, 2016 15:52:24 GMT
The latest rates really are unbelievable. Surely the real value of the investment is now significantly lower than any FSCS account that pays a nominal rate of interest.
If they're able to pull money in at the rates they've been offering recently, I'm surprised they haven't taken the additional step of waiving early access fees, to encourage longer standing customers to turn in their holdings.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Aug 25, 2016 15:55:14 GMT
Maybe they could do 2% cash-back, not to invest, but to quit?
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