First Direct SVR

N5TEW_2 · 6 February 2009 at 11:30AM

I'm on FD SVR @ 3.69%, however this was the rate before the two 0.5% reductions. Having always been a fan of FD it is beginning to annoy me that they are not passing on the rate cuts. Anyone got any thoughts on this?

Thanks

jayremoh · 6 February 2009 at 11:33AM

what the penalties if you move to another one of their products that does track the rate?

N5TEW_2 · 6 February 2009 at 9:43PM

Not tied in - but it is well out of order......

brightbuy · 6 February 2009 at 9:53PM

Hi N5TEW,

I know its frustrating when banks don't pass on the cuts, but think yourself lucky. I deal with many clients who would have to pay thousands of pounds in arrangement fees right now to get anywhere near this sort of interest rate on a remortgage or new purchase.

Don't focus on this, focus on whether you will be able to remortgage in a few years when the rates creep up. Check on your equity and house price right now and focus on strengthening this.

pixiepie99 · 6 February 2009 at 10:04PM

3.69% isn't bad compared to many SVRs. A&L's, for example, is 5.09%.

N5TEW_2 · 6 February 2009 at 10:21PM

Thanks for the replies, I know I've got a good deal. Ultimately, I just disagree with the principle and believe that things like this should not be allowed!! That's society and the rip-off UK we live in....Rant over

cbrpaul · 7 February 2009 at 10:20AM

im with FD on the 3.69% svr , they are low , but other deals are now begining to catch up , only thing is when you take into account the fees for moving and add that into it , there really isnt alot in it and FD still come out top i think !!!!

Look at it this way , your not tied into anything and on a fairly good rate, but i agree it would be nice if FD passed on maybe a little of the 1% that been cut over the last month or so !!!!

feisty1 · 7 February 2009 at 10:21AM

you should have taken a tracker linked to the BoE base rate if you wanted to benefit from drops

supersul · 14 March 2009 at 10:17AM

I too am on the FD SVR and have written to them indicating they are no longer the market leader they used to be, a very 'standard' response received and no attempt to answer the specifics I raised. The SVR has now remained unchanged following 3x0.5% reductions. FD also prevents existing mortgage holders getting the best tracker deal - no recognition of customer loyalty here unlike some other providers . The only consolation is its got the offset facility which other low SVR packages rarely offer.

threekings · 14 March 2009 at 10:25AM

I'm also on the FD SVR. In the thread 'who's passing on the base rate cut' Mike1999 says HSBC are expected to announce a cut in the next few days..

Anybody else heard this?

First Direct SVR

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