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First Direct SVR
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# 1
Old 06-02-2009, 10:30 AM
MoneySaving Newbie
Join Date: Feb 2009
Posts: 7
Default First Direct SVR

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?

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# 2
Old 06-02-2009, 10:33 AM
MoneySaving Convert
Join Date: Oct 2008
Posts: 187

what the penalties if you move to another one of their products that does track the rate?
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# 3
Old 06-02-2009, 8:43 PM
MoneySaving Newbie
Join Date: Feb 2009
Posts: 7

Not tied in - but it is well out of order......
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# 4
Old 06-02-2009, 8:53 PM
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Join Date: Dec 2007
Location: London
Posts: 58


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.
I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 5
Old 06-02-2009, 9:04 PM
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Join Date: Feb 2009
Posts: 193

3.69% isn't bad compared to many SVRs. A&L's, for example, is 5.09%.
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# 6
Old 06-02-2009, 9:21 PM
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Join Date: Feb 2009
Posts: 7

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
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# 7
Old 07-02-2009, 9:20 AM
MoneySaving Stalwart
Join Date: Dec 2008
Posts: 717

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 !!!!
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# 8
Old 07-02-2009, 9:21 AM
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Join Date: Sep 2008
Posts: 1,467

you should have taken a tracker linked to the BoE base rate if you wanted to benefit from drops
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# 9
Old 14-03-2009, 9:17 AM
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Join Date: Feb 2009
Posts: 2

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.
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# 10
Old 14-03-2009, 9:25 AM
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Join Date: Feb 2009
Posts: 5

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?
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