savernake
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Post by savernake on Aug 24, 2017 6:46:42 GMT
Rates have dropped again today. Market rate now 5.9%, and priority rate is 5.8%.
It won't be long before GS are down to the same rate as AC Property Secured account at 5.5%. This may also be a better option for me because AC rates are stable and wont keep dropping every couple of weeks like they do on GS. It's also backed by a PF.
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morris
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Post by morris on Aug 24, 2017 8:03:59 GMT
Rates have dropped again today. Market rate now 5.9%, and priority rate is 5.8%. It won't be long before GS are down to the same rate as AC Property Secured account at 5.5%. This may also be a better option for me because AC rates are stable and wont keep dropping every couple of weeks like they do on GS. It's also backed by a PF. How do you know this? The website is still showing the market rate at 6.0%. Very poor communication from Growth Street.
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savernake
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Post by savernake on Aug 24, 2017 8:17:46 GMT
Rates have dropped again today. Market rate now 5.9%, and priority rate is 5.8%. It won't be long before GS are down to the same rate as AC Property Secured account at 5.5%. This may also be a better option for me because AC rates are stable and wont keep dropping every couple of weeks like they do on GS. It's also backed by a PF. How do you know this? The website is still showing the market rate at 6.0%. Very poor communication from Growth Street. If you log into your account and go to the 'Reinvestment' page it shows the new rates. I've also just had a priority order matched at 5.8%.
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greatmarko
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Post by greatmarko on Aug 24, 2017 8:20:18 GMT
Hmm... according to the lend order stats page, there's now over £1.4m sat waiting at a rate of 5.95% - I'm pretty sure that rate was never offered to lenders!!
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mary
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Post by mary on Aug 24, 2017 9:16:30 GMT
Rates have dropped again today. Market rate now 5.9%, and priority rate is 5.8%. It won't be long before GS are down to the same rate as AC Property Secured account at 5.5%. This may also be a better option for me because AC rates are stable and wont keep dropping every couple of weeks like they do on GS. It's also backed by a PF. Thats 3 rate reductions in the last 30 days.
I'm out once I get the bonus, only keeping the minimum in now, with cash drag last months return was just 4%!
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rgog
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Post by rgog on Aug 24, 2017 9:22:45 GMT
The way this site works really is not to the benefit of lenders, like a number above I will be leaving once I get the bonus unless they seriously improve their game.
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Post by mark74 on Aug 24, 2017 9:25:47 GMT
Hmm... according to the lend order stats page, there's now over £1.4m sat waiting at a rate of 5.95% - I'm pretty sure that rate was never offered to lenders!! My guess is the 5.95% is the average rate over the last 30 days which they use to determine when to reduce the market rate. It has slowly fallen from 5.99% when they updated the statistics page, and now it has dropped to 5.95% the market rate has reduced 5.9%. Presumably if (or when) it drops to 5.85% the market rate will also drop.
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IFISAcava
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Post by IFISAcava on Aug 24, 2017 9:31:29 GMT
Rates have dropped again today. Market rate now 5.9%, and priority rate is 5.8%. It won't be long before GS are down to the same rate as AC Property Secured account at 5.5%. This may also be a better option for me because AC rates are stable and wont keep dropping every couple of weeks like they do on GS. It's also backed by a PF. GS has a provision fund too, for what they're worth (both are discretionary and it isn't clear when they would be used)
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IFISAcava
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Post by IFISAcava on Aug 24, 2017 9:42:06 GMT
Logged in, saw orders at old priority rate, cancelled, made new orders at new priority rate, logged off. Same routine now every 14 days or so.
Would be nice to get an email notification of rate change rather than relying on the forum or repeated log ins.
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greatmarko
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Post by greatmarko on Aug 24, 2017 9:49:02 GMT
Would be nice to get an email notification of rate change rather than relying on the forum or repeated log ins. they are "considering" such notifications.
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morris
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Post by morris on Aug 24, 2017 10:09:41 GMT
GS ought to consider amending their website when rates change.
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ben
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Post by ben on Aug 24, 2017 11:38:11 GMT
What difference a few months makes, was only a few months ago everyone wanted in now everyone wants out. Which is a shame as was a pretty good site to begin with.
However I am guessing the main issue has been that they have got to much money coming in, they have private backing and with all this new money coming in I bet it has been effecting what they can lend. So they are probably trying to find a rate that some big investors are willing to invest in and get rid of all the smaller investors.
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Post by beeje13 on Aug 24, 2017 12:24:46 GMT
This could backfire massively for GS if loads of investors take out their money over a short space and of time.
Things will change, they have to. I'm fortunate to only have a small amount invested and can sit back and watch the fireworks.
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ben
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Post by ben on Aug 24, 2017 13:54:28 GMT
This could backfire massively for GS if loads of investors take out their money over a short space and of time. Things will change, they have to. I'm fortunate to only have a small amount invested and can sit back and watch the fireworks. It depends on how much they have from private investors and how many other big investors they have that are willing to lend at a lower rate. You just need to look at the size of Assetz quick access account that there is plenty of investors willing to drop 5/6 figures for quick access at a lower rate.
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ben
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Post by ben on Aug 24, 2017 19:12:19 GMT
That is me out also after having money waiting for 5 days anyway to be lent, the rate changed so now back to the end of the queue again. Which is a shame as I quite liked it originally but can't be bothered with having to log in ever day as the rates are dropping that fast.
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