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HSBC base rate tracker not benefitting from IR cut.....
guli
Posts: 209 Forumite
Is HSBC not passing the IR cut of 1.5% to its base rate tracker due to severe mortgage market condition change, as per their T&C?
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Comments
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"Severe" is ambiguous.. Wait and watch....All I ask is the chance to prove that money can't make me happy.0
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We are with HSBC on a variable rate and have a mortgage where they can't charge more than 0.49 above the base rate of England. I called them yesterday to ask and they assured me that they would be passing any interest cut on.
I hope so!0 -
I just called HSBC to confirm the interest rate cut would be passed on and they confirmed my lifetime tracker (BOE + .99%) would benefit and also would be amended for any further reductions as low as a base rate of 0.5%! lol
Fortunately we were in a position to stomach the recent increase and will now continue to overpay each month as if the rates had not have been decreased.0 -
All depends whether you are on a bank of england base rate tracker, a lender's base rate tracker or a discounted standard variable rate tracker.
For the first one, the lender would be obliged to pass on the rate cut, for the other two the lender has discretion.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I just called HSBC to confirm the interest rate cut would be passed on and they confirmed my lifetime tracker (BOE + .99%) would benefit and also would be amended for any further reductions as low as a base rate of 0.5%! lol
I've started a new thread about this as I've seen contrary reports saying that HSBC has a floor of 3%
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