Bank of Scotland Mortgage SVR no news but Halifax reduced by 0.5% straight away

MPwannasavemoney

Did I miss the announcement from Bank of Scotland (part of HBOS, not RBS) - Halifax were quick to announce their rates going down by 0.5% following the global rate cut. I phoned Bank of Scotland the same day and they did not have any news to give - I have not heard any further news since, maybe they are not planning much of a drop given today's news from Nationwide.

Ross_Corry

Dear blogger,

All HBOS brands - including Bank of Scotland passed on the full 50bps reduction. Please accept my apologies that the person to whom you spoke to was unaware of this. We actually announced this immediately.

TOBRUK

MPwannasavemoney, hope you don't mind me coming in here to ask a question.
Ross Corry, all brands would include Birmingham Midshires, but when will I be notified of this or when will my monthly payments be reduced? I know Lloyds and HBOS may be amalgamating (if it goes through) and if so what happens then?

susannon_2

I have a Bank of Scotland tracker mortgage and have heard nothing about the half a percent interest rate cut. I phoned them also and was told that it would take effect at the end of the month, however, I paid the same amount for my mortgage as usual and have had no letter or information from them. Can someone help?

TOBRUK

My mortgage payments did not come down from last BoE reduced bank rate of 0.5% (8/10/08), I am with Birmingham Midshires - division of Halifax.

What will happen if BoE announces further 0.5% reduced rate today??

susannon_2

Or even 1% please God

susannon_2

Haaa, 1.5%, this is amazing - will they pass it on? I have a tracker mortgage and they are quick enough to pass on the other way - I don't understand how they can not pass on the previous .5% - this has to be illegal in some way or another.

cozzyh

We are the same. no notification from BM ref the last one yet!!
i read on another money forum that BM was one that agreed to pass on the 0.5%.
We are going to look at our paperwork because we think that HBOS have a 3% minimum interest rate on their trackers (which is still fine as long as they pass todays decision) word is next year it way go as low as 2%

Please BM get your finger out and let us know now!!:mad:

ashington10

On the subject of Bank of Scotland, do they have a separate SVR than Halifax. The letter in my hand says so. 5.35% compared to Halifax 5%.

britboi

Halifax do indeed seem to have a different SVR than Bank of Scotland. Halifax's SVR is 5% and BoS' is 5.35%.

luckyfool

Bank of Scotland are largely a specialist lender for HBOS doing alot of BTL and Self Cert stuff, they have tended historically to have a slightly higher SVR than the main Halifax brand.