HSBC not passing the 0.5% rate cut to SVR!!!

beecher

ah_heng wrote: »

So, what the hell is the BOE/Govt trying to do? Kill us both on our savings and mortgage?

LOL - a sub 4% mortgage rate will 'kill' you? Think you're over reacting just a bit.

Fliss_M

BOE rate drops is a very blunt tool, and for the most part its all they have. If the banks were goverment controlled mayb they could, but they arent. There independent and out to make money. And right now they need all the money they can get so are making it the only way they can.

What you may find is those with high SVR's have higher savings rates.

_Andy_

ah_heng wrote: »

and those greedy banks

'Greedy'? LOL. They exist to make profit, not as a charity. Hardly surprising they're not passing on every rate, especially as the terms and conditions of the mortgage you agreed to dictate they don't have to.
Why didn't you get a tracker if you wanted every rate change passed on?

ah_heng

_Andy_ wrote: »

'Greedy'? LOL. They exist to make profit, not as a charity. Hardly surprising they're not passing on every rate, especially as the terms and conditions of the mortgage you agreed to dictate they don't have to.
Why didn't you get a tracker if you wanted every rate change passed on?

Greedy when they don't pass on the reduction on their mortgage and reduce IN FULL on their savings!!! I understand they exist for the profits, but this is just unacceptable. Apart from profits, there're social aspect of the business.

To cut the story short, I was ill advice between the trackers and SVR. And as I mentioned that earlier, DON'T GET ME STARTED on the tracker rates!

Thanks peeps...

System

Personally the SVR doesn't bother me much as generally it's not a nice place to be, personally I'd rather fix in a high LTV situation. What are HSBC's remortgage deals like? If they are anything like Abbey's then you have a right to feel stressed

michaels

More info on how much they are screwing out of their loyal customers in my thread of the 2nd: http://forums.moneysavingexpert.com/showthread.html?t=1527301

Since October they have increased their margin by 1.69% which I reckon is taking about a couple of grand from each mortgage customer per year - makes those other financial ripoffs pale in comparison.

I paid 2 grand to get on a competitive svr discount - I could have taken a tracker but they stressed their policy of having a competitive svr that in recent history had only been a max of 1.25% above base. I also will not take any business anywhere near them unless it definitely leads to their loss - I'm thinking the wife and I may both need to switch our banking to first direct for 6 months for the 200 incentive - 400 is only a small dent in the 3k loss I will have made on the mortgage but every little helps...

Definitely my worst ever financial decision.

ah_heng

michaels wrote: »

More info on how much they are screwing out of their loyal customers in my thread of the 2nd: http://forums.moneysavingexpert.com/showthread.html?t=1527301

Since October they have increased their margin by 1.69% which I reckon is taking about a couple of grand from each mortgage customer per year - makes those other financial ripoffs pale in comparison.

I paid 2 grand to get on a competitive svr discount - I could have taken a tracker but they stressed their policy of having a competitive svr that in recent history had only been a max of 1.25% above base. I also will not take any business anywhere near them unless it definitely leads to their loss - I'm thinking the wife and I may both need to switch our banking to first direct for 6 months for the 200 incentive - 400 is only a small dent in the 3k loss I will have made on the mortgage but every little helps...

Definitely my worst ever financial decision.

There you go... another ill-adviced customers of such a greedy bank!!! It really sucks when you see those ppl who took the loan at the same time from HSBC are paying just 0.88% above BOE's rate and we are paying like 2.38 above the BOE's rate...

Too late to curse, but hope more customers will stand up and move on to another bank on their savings....

cbrpaul

First Direct are a sister company to HSBC , FD have not passed on any rate drops since December 08 , however they still have a good SVR "at the moment"

minimacka

I have a mortgage with the yorkshire building society and there svr is a whopping 4.99% :eek: , im so tempted to move but I havent a clue as to where.
It really makes me mad the government want to help people but how is it helping the majority of us yes its helping the lucky ones with tracker mortgates but people like me with a 4.99% svr mortage and also the people with savings getting very little return = not much money to spend.

MM

ah_heng

OK. Now the BOE has reduced ANOTHER 0.5%. Let's see what's HSBC is going to do about it!!!

Blardy greedy HSBC