Will HSBC SVR follow the BoE cut?

Fred

I am on a discounted rate with HSBC which is already very good value, but I do now wonder whether HSBC is passing on yesterday's rate cut for its SVR based customers. I tried to deep google, but could not get confirmation anywhere.

PhilDS

This is the reason why I went for a tracker with HSBC rather than a discount. I'm sure they will make the change, but I bet it takes a few days/weeks. :mad:

Noz

Ring HSBC?

Margin_Walker

The svr usually changes a month after any base rate change. To be fair they do this when boe goes up as well as down.

For what it's worth over the last few years it has mirrored any boe change. Doesn't mean it alway will though...

Mickster

If I can guarantee just one thing in these uncertain times it's that HSBC will not be passing on the full 1.5% cut in interest rates announced by the BoE earlier this week. However they will have a few thousand disgruntled mortgage customers if they don't show some sign of willingness to play ball with the government's economy shoring up plan, not to mention a rather unamused Mervyn King. My guess is a 0.5% cut in their SVR and a larger drop in their savings rates. Not exactly a prediction of Nostradamus proportions but a good guess I would have thought. By the way, I'm an HSBC discount rate mortgage customer so fingers crossed eh?

shanc_2

Mickster wrote: »

If I can guarantee just one thing in these uncertain times it's that HSBC will not be passing on the full 1.5% cut in interest rates announced by the BoE earlier this week. However they will have a few thousand disgruntled mortgage customers if they don't show some sign of willingness to play ball with the government's economy shoring up plan, not to mention a rather unamused Mervyn King. My guess is a 0.5% cut in their SVR and a larger drop in their savings rates. Not exactly a prediction of Nostradamus proportions but a good guess I would have thought. By the way, I'm an HSBC discount rate mortgage customer so fingers crossed eh?

I am also an HSBC discounted rate customer. I really hope they follow the BOE rate cuts in their SVRs....But I doubt. The HSBC SVR is still better than many banks out there...

michaels

But a lot worse than nationwide and ltsb whereas 6 months ago they were market leader and had an existing customer friendly policy of remaining that way. Worth looking at how an institution treats existing customers when thinking about becoming a new customer...

TrulyMadly

Hi there,

I rang HSBC this afternoon to ask this very question. It was a recorded message saying that the change to SVR was still under review.

damianmkv_2

i've just spoken to HSBC ( they called me as I have an agreement in principle so they're chasing to see if I'm gonna book ). As mentioned above, they said it can take 3 weeks to 1 month for HSBC to change their SVR.

The girl on the phone said " well, rates might go up " which I said I doubted as the BR had gone down half a point.

Maybe next week then ?