Will Nationwide drop ther SVR at 4.69%?
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I've just seen this news story:
http://www.fairinvestment.co.uk/deals/news/banking-news-Lloyds-and-Nationwide-only-lenders-to-pass-on-double-rate-cut-of-2-5-to-SVR-mortgage-customers-2605.html
It says that Nationwide originally said they were cutting their SVR by 0.69% to 4%, but now they're saying they're passing on the full cut to make it 3.69% - can anyone verify?
Thinking about the above, if they had set their rate at 4 it would be exactly at 2% above the base rate. This means they'd have to pass any future cuts on in full. By cutting to 3.69% they're allowing themselves a bit more room to manoeuvre by not having to pass on full cuts in future. I think this is the best thing to do, with Christmas this month.0 -
I've just seen this news story:
http://www.fairinvestment.co.uk/deals/news/banking-news-Lloyds-and-Nationwide-only-lenders-to-pass-on-double-rate-cut-of-2-5-to-SVR-mortgage-customers-2605.html
It says that Nationwide originally said they were cutting their SVR by 0.69% to 4%, but now they're saying they're passing on the full cut to make it 3.69% - can anyone verify?
Interesting! Not verified on the Nationwide website or any other source as yet though..0 -
I've just seen this news story:
http://www.fairinvestment.co.uk/deals/news/banking-news-Lloyds-and-Nationwide-only-lenders-to-pass-on-double-rate-cut-of-2-5-to-SVR-mortgage-customers-2605.html
It says that Nationwide originally said they were cutting their SVR by 0.69% to 4%, but now they're saying they're passing on the full cut to make it 3.69% - can anyone verify?0 -
Well the news story says they only announced this last night and the press release may have been earlier in the day... but then it could just be a journalist misunderstanding things. Will have to wait and see I guess...0
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"HSBC, Nationwide, Halifax, Lloyds TSB, Barclays' lending arm the Woolwich and Bristol & West all said they would be reducing their standard variable rate (SVR) by at least the full 1%."
Source: http://www.4rfv.co.uk/nationalnews.asp?id=86586
Will keep looking0 -
I think i need to call Nationwide direct. I am sure its only 0.69%. That makes there SVR the best rate already. Why would there drop it to 3.69%??? Will let you know what i find...........0
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Hope it's true, would be cracking news to know I'll be paying much less, considering my savings are worth so much less!
If this happens, might consider dropping my term down by about half, consider the rate is almost half, then over pay each month, could be clear within a few years!
If you are on the base rate with Nationwide, can you just have to tell them to reduce the term length and they'll adjust the monthly payment? Or does that tie you in to some kind of agreement with penalties?0 -
I haven't seen anything else on it, so it looks like it is 4% after all. That's still good though!0
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clear cut SVR ( or BMR as they like to call it ) cut by 0.69% to 4%
but those on existing tarckers will get the full 1% cut - so will be 2% + margin ( or 2- margin if any exist with them )
2.75% collar not enforced at present - although nothing to say it won't in future.
Seems they will keep SVR at max BoE+ 2Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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