Halifax 3% collar confusion

MSwannabe_3

Hi All

I am somewhat confused as to what Halifax are passing on from the latest 1% BoE Base rate cut. Firstly they say they are passing it on, then it turns out they are only going to pass on .25% of it. then yesterday I read in the news how they are going to stand firm against Gordon Brown and not pass on anything. Then today this saying they are passing on the whole 1% - http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=177896&d=340&h=341&f=342 - Well forgive me for being completely in the dark here but to say im confused is a understatement. We are on a tracker that came to the end of the deal so are now on the Halifax SVR rate. Are we getting a cut or not and how much. If anyone is in the know and can definitively answer that I would be grateful!

Regard

Money saving Wannabe

beecher

When people talk about a collar they are referring to trackers. Since Halifax aren't imposing a collar anyone on a tracker will get the full cut, as normal. You're on the SVR and so your rate has decreased from 5% to 4.75% from 1 Jan