Base Rate Cut By 1.5%

happyhunter

Yesteerday I phoned HSBC to get a quote for the Fee-free tracker rate of BOE + 1.78% for HSBC PLUS account holders. Their current SVR is BOE + 1.75%, very unlikely they will pass on the full cut, so the tracker I will be signing up (with no penalties, no charges or exit fees) should work out better for the next few months at least.

All fee free products have been withdrawn since midnight.

Locoblade

markabuckley wrote: »

in a dillema here - wondering how much the SVRs will track ... we're on a SVR at hte moment

and was going to change over to the HSBC lifetime +0.99% tracker

but after the 89 closing fee from Natwest (or whatever it is) + 799 to HSBC - I'm beginning to wonder how much we'll actually be saving say over the next 3 years ...

is it actually worth it ?

or mortgage is about 640 a month at the moment, so compared to some it relatively small - hence why I'm beginning to think how much I'd actually save after the fees ?!

Unless you've already started the application process, its highly unlikely the +0.99% deal is still available to you as virtually all the tracker deals from all the lenders were withdrawn yesterday following the big cut.

Whack it all into my spreadsheet though if you want (see below), that should tell you what the overall cost/savings would be over 3 years.

marshallka

marshallka wrote: »

Just noticed on IF website that they do not do any Mortgages over 75 LTV now as well as putting their tracker rates up..:eek:

All trackers withdrawn this morning with IF. So angry....also don't think they will pass the discounts to SVR...:mad: .

newlifeahead

Sorry if this has already been said. Couldn't find much answers on here about the Egg tracker +75%.

I haven't yet received a letter regarding the last rate change. I have called egg this morning. The last rate change is due to take effect on my next payment 2nd December. Will be paying 5.25%.

Looks like the latest rate change will not take effect until the new year.

I am sure when they increase the interest rate they send the letters out within one week. Trust them to be so slow on passing on the decreases.

senna19940

I am with HSBC on their own variable rate of 6.25% do you think they will drop their own variable rate?

Locoblade

Id think its quite likely they will drop it to a degree, and Id say HSBC are if anything more likely to pass on the full 1.5% than most, but I wouldnt count on it.

mrnomoneybags

Fingers crossed Bank Of Ireland will pass on this drop to us, we're on a 2 year discounted its basically 0.24% above the base rate.

They have passed on every drop so far........... here's hoping

WestonDave

Table of SVR's on the BBC site is interesting http://news.bbc.co.uk/1/hi/business/7714628.stm

I'd say if HSBC want to retain their position in the field they'll drop by at least 1%. It also gives a stark warning about the dangers of just looking at the movements - Abbey have dropped the full amount but are still only 0.06% below First Direct's pre cut SVR - which interestingly is missing from the table. The combination of that and HSBC still offering a 0.99% tracker to 60% LTV customers suggests to me that First Direct may well have to go the full 1.5% to avoid their good customers (i.e. low LTV's so low risk) jumping ship to their parent company!

dmg24

I would hope that A&L would follow the decision of Abbey with them both being part of Santander ... if only life was that simple!

I have been away from Finance for too long ... I knew GE was high, but 10.39%?!!!!

Radarjet

I have just got my letter today passing on the full first 0.5% rate cut from IF Intelligent Finance for my SVR mortgage.

It was cut from 02.11.08 - no accident I'm sure as many of us I expect pay our mortgage on the 1st and thus missed out by paying on the 1st November.

I wonder whether I could be sneaky too and change the date I pay my mortgage next month to about the 10th and see whether I could benefit a month earlier from any rate cut that they pass on this time ?!

Not that they have confirmed as yet that any % will be passed on - but we live in hope !