Halifax LTSB SVR convergence?

Eyesparky

Just wondering if anyone thinks there may be a possibility of the SVRs of LTSB and Halifax coming to the same group level now that they are effectively one entity? The LTSB SVR is currently at 3.5% whilst the Halifax SVR is at 4.5%. Naturally as someone who is about to go onto the Halifax SVR I would love it if the lower figure was arrived at .

lurker53

I doubt it, both lenders had a clause saying SVR was max base plus 2%, but Halifax had a " get out clause" .. albeit not sure they have met the condition of that get out clause ( ie advising clients with that condition on offer letter of a change to +3% )

Eyesparky

Sadly I think you might be right. They would have a better chance of keeping my business though in the medium term if they did. I just found an article that says they have no plans to equalise their SVRs (Financial Mail) but I have not come across anything else on the issue.

opinions4u

It makes business sense for them to maintain as many brands as possible and send out press releases that say "the Lloyds SVR has tracked the BofE" and "Halifax have honoured the tracker deal" while keeping quiet about "Halifax SVR is unchanged" and "Lloyds tracker deals are now poor value"!

I think it is highly unlikely that SVRs for existing mortgage holders will converge for a long time.