HSBC Standard Variable Rate Frozen at 6.25%

lju

We are in a very similar position with HSBC mortgage in two parts first part fixed rate has expired and second expires in Jan 09. I can confirm we are paying 5.5% SVR.

GSB1

Was a no more than 1% over BOE base promise clearly worded as part of your Homebuyer SVR deal?

Just trying to figure out if I am chasing something I am not entitled to or if I need to sift through the small print some more on my old mortgage offer docs to find it in black and white.

GSB1

Actually, just called HSBC who said my rate would be dropping, the 1% price prmoise does exist and apply to me, however the new rate has not been decided but it will be before or on the 8th November.

benjimoron_2

Sorry GSB1, hadn't seen your questions. PM me if I don't answer as I'll see a PM.

Anyway, looks like you've answered it yourself. I'm on the homebuyer variable which is never more than 1% above the base rate (within 30 days). Looks like you're on the same.

HSBC_bnice

I'm also on the homebuyer variable which is never more than 1% above the base rate (within 30 days). Are HSBC refusing to lower our rate to 4%?

GSB1

benjimoron wrote: »

Sorry GSB1, hadn't seen your questions. PM me if I don't answer as I'll see a PM.

Anyway, looks like you've answered it yourself. I'm on the homebuyer variable which is never more than 1% above the base rate (within 30 days). Looks like you're on the same.

No problem, as you say I found the answer to my question. Thanks for the reply anyway.

HSBC_bnice wrote: »

I'm also on the homebuyer variable which is never more than 1% above the base rate (within 30 days). Are HSBC refusing to lower our rate to 4%?

Not at all. However they are exercising their terms to take up to one month to adjust.

So my December payment will be no more than 1% higher than the BoE base before the very last cut (which reflects the cut before last), but in January in theory it should reflect the last 1.5% cut.

I assume if the rate went up, HSBC may decide to adjust the rate quicker than a one month turn around

HSBC_bnice

Thats great news, so as they are saying in the press, HSBC may not pass on rate cuts to its customers, which customers will that affect?

Nickij

Does anyone have any idea if HSBC will actually decrease there SVR, when our fixed rate mortgage comes to an end with them next year we might have to go onto the SVR so I am hoping it will decrease between now and then

Tripledrop

I have searched google, and unfortunately, looks like they're not

I'm on a discounted rate, and would love it to drop, so if anyone knows differently, please let us know.

Also, is there anything we can do? Any petition or complaints proceedure that would help?

BB1984

I'm on a discounted variable - not part of the 1%-above-the-base-rate guarantee.

I asked my local branch manager about if my rate was going to go down, and she said HSBC are in the process of sending out letters to customers, informing them of rate drops. She said to phone the mortgage centre if I hadn't heard anything in a couple of weeks...

I fully understand banks' reasoning, but I feel that if they drop interest rates on their savings accounts, they should also do so on their loans.

BB