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

thebigboss_2

I'm quite shocked at the lack of sympathy for the consumer on these forums and how ready experienced forum contributers are to go "Ha ha told you so" or "you should have done......"
Lets show a bit of love people and try to help each other with constuctive advice. It's not about showing how clever you think you are.

_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?

ah_heng

minimacka wrote: »

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

Exactly minimacka. Govt "seems" like helping, but the actual fact is that we minions are squeezed both ends, Banks not lowering their SVR, but DEFINITELY WILL LOWER their savings interest rates.

Well done Gordan. Well done!!!

lukekelly_2

Lets show a bit of love people and try to help each other with constuctive advice. It's not about showing how clever you think you are.

The constructive advice here is: Your bank is behaving reasonably, they are behaving as you would have predicted them to behave in this situation and they are behaving entirely within the terms of the contract you signed. Your getting angry about this is clearly reducing your enjoyment of your life and providing absolutely no benefit. So calm down, move on and learn the lesson for next time.

cbrpaul

I dont think anymore rate drops will help the majority with their mortgage payments , All the government want is for things to get rolling again, hence why they have just injected Billions more into the "system"

One thing you can be sure of though , when rates start to climb again all hell will no doubt break lose as lenders will look to boost their profits once again!!!

Riog

minimacka wrote: »

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

And to make it worse thay are currently offering a 2 year fix at 3.69% to everyone except current mortgage holders who they are offering 4.79% !.
Total disgrace.

ah_heng

Just again to confirm OUR frustration, this chart from BBC website further affirmed our anger and hatred towards all these GREEDY banks, in particular HSBC in this thread;

http://news.bbc.co.uk/1/hi/business/7926581.stm

And who says HSBC rate's is attractive?

Peelerfart

According to the chart quoted by ah-heng, HSBC's rate is the fourth lowest.

Hardly justifies the need to be the subject of hatred IMHO.

latecomer

We took a 5 year fixed rate 12 months ago at the last minute instead of a tracker. It hurts to hear abuot everyone on trackers basically paying no interest but its a decision we made based on our situation. If you opted to go onto the SVR then I have little sympathy. It was a gamble and it hasn't worked for you. Get over it.

ah_heng

ME: What's the diff between SVR and tracker rate?
HSBC: Both are based on the BOE rate, except if you go for the SVR, HSBC will review whether to increase the rate when BOE decided to increase the rate.
ME: Oh.. So what if BOE reduce the rate?
HSBC: Normally to stay competitive with other banks, HSBC will follow suit.
ME: Really? What's the history like?
HSBC: SVR has never be more than 1.5% above the BOE's rate.
ME: So SVR is a better choice?
HSBC: It's up to the customer, but at the moment the SVR rate is better than the tracker rate...

So.. hmmmm... which one shall we pick?

latecomer

you were given the facts and made your decision. If you wanted to be guaranteed to follow the BOE rate then the SVR product is the wrong product regardless. I'm presuming at the time that the SVR rate was significantly better than the tracker, or had lower fees?