First Direct SVR

N5TEW_2

I'm on FD SVR @ 3.69%, however this was the rate before the two 0.5% reductions. Having always been a fan of FD it is beginning to annoy me that they are not passing on the rate cuts. Anyone got any thoughts on this?

Thanks

jayremoh

what the penalties if you move to another one of their products that does track the rate?

N5TEW_2

Not tied in - but it is well out of order......

brightbuy

Hi N5TEW,

I know its frustrating when banks don't pass on the cuts, but think yourself lucky. I deal with many clients who would have to pay thousands of pounds in arrangement fees right now to get anywhere near this sort of interest rate on a remortgage or new purchase.

Don't focus on this, focus on whether you will be able to remortgage in a few years when the rates creep up. Check on your equity and house price right now and focus on strengthening this.

pixiepie99

3.69% isn't bad compared to many SVRs. A&L's, for example, is 5.09%.

N5TEW_2

Thanks for the replies, I know I've got a good deal. Ultimately, I just disagree with the principle and believe that things like this should not be allowed!! That's society and the rip-off UK we live in....Rant over

cbrpaul

im with FD on the 3.69% svr , they are low , but other deals are now begining to catch up , only thing is when you take into account the fees for moving and add that into it , there really isnt alot in it and FD still come out top i think !!!!

Look at it this way , your not tied into anything and on a fairly good rate, but i agree it would be nice if FD passed on maybe a little of the 1% that been cut over the last month or so !!!!

feisty1

you should have taken a tracker linked to the BoE base rate if you wanted to benefit from drops

supersul

I too am on the FD SVR and have written to them indicating they are no longer the market leader they used to be, a very 'standard' response received and no attempt to answer the specifics I raised. The SVR has now remained unchanged following 3x0.5% reductions. FD also prevents existing mortgage holders getting the best tracker deal - no recognition of customer loyalty here unlike some other providers . The only consolation is its got the offset facility which other low SVR packages rarely offer.

threekings

I'm also on the FD SVR. In the thread 'who's passing on the base rate cut' Mike1999 says HSBC are expected to announce a cut in the next few days..

Anybody else heard this?