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

thebigboss_2

lukekelly wrote: »

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.

Not my bank, no-one predicted this situation, I'm not angry, "So calm down, move on and learn the lesson for next time" is hardly construcive now is it..........?

My point is it's the easiest thing in the world to say "I told you so" which is what you have just done. What is a lot harder and eminently more beneficial is to try and help people with constructive advice. Please see definition:

con⋅struc⋅tive [kuhn-struhk-tiv]
–adjective

1.constructing or tending to construct; helping to improve; promoting further development or advancement (opposed to destructive ): constructive criticism.

brightonman123

think its about time he bank set the interest rates (LIBOR?) that the banks seem to use, rather than base rate.

i am sure borriwing rates will be adhusted quickly enough, when the base goes up (with savings ratre straggling behind..)

the banks are taking the pish..

sort it out Gordon- we OWN you now!

lukekelly_2

thebigboss wrote: »

Not my bank, no-one predicted this situation, I'm not angry, "So calm down, move on and learn the lesson for next time" is hardly construcive now is it..........?

You're not angry but you're not the one who started the thread so that's entirely irrelevant. And an_heng is definitely angry. It was to him that the advice was directed and I think it was entirely constructive. I didn't say "told you so", I said "it sucks but it's life and you're going to have a more enjoyable and constructive time if you calm down a bit".

That standard variable rates fall more slowly than base rates is something that people have known and predicted for a very long time. Getting angry because it happens is like getting angry at the tide. It's a fact of life, and it was a fact of life when these mortgages were taken out.

think its about time he bank set the interest rates (LIBOR?) that the banks seem to use, rather than base rate.

LIBOR -- London Interbank Offered Rate -- by definition could not be set by the Bank of England. It's the rate at which banks lend to each other.

ah_heng

latecomer wrote: »

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?

It was 5.69 (svr) vs 7.xx% tracker then... ;(

Again, I think i have to stop complaining and move all my savings out from HSBC if they are not reducing the SVR this time round... And I urged all who has savings with HSBC to do so if they don't reduce their SVR this time. Deal?

System

The anger people are feeling is the fact it's complete luck as to what lender you got stuck with and what their rates are, saying "I told you so" means nothing, no one knew which lenders would have high rates and which would have low rates if this situation arose.

It's just frustrating, maybe it's not the banks fault but people need to step back and have a think about why some people are quite rightly frustrated by their predicament.

Peelerfart

Agree with you 100% Joe.

I would say,say however, that HSBC are not the demon that the OP and others are suggesting in my experience.

There is another thread here about Barclays/Woolwich that indicates that they are far worse than HSBC from a rates perspective.

I have my (tracker) mortgage with HSBC and I am very pleased with them ,not only with my rate but there customer service and there communication.

Far better than my previous lender - now part of Nationwide.

stubla78

Yawn Yawn Yawn.

Are you trying to create a one man run on HSBC? Facts are simple you chose a SVR based product over a tracker rate. As an adult we are all faced with decisions to make whether it be financial, family, employment, etc. You chose badly ( in your eyes) and have to deal with the consequences. Stop whingeing. You would likely be moaning if you had chosen a fix at 4% when the SVR is now 3.94%. Get over it.

Sincerely
A realistic HSBC SVR customer and soon to be 5 year fixed.

System

Peelerfart wrote: »

Agree with you 100% Joe.

I would say,say however, that HSBC are not the demon that the OP and others are suggesting in my experience.

Well, that depends, either they actually need to charge high rates because of poor decisions in the past in comparison to other lenders, or they just want to charge high rates because they want to make some cash at their customers expense.

Personally I don't care what the SVR is, I don't want to be on it unless I can help it. The problem I have is my lender seems to be going out of their way to make sure people in or around negative equity can't remortgage at all. Sure they have no obligation to do so, but it's the same frustrating situation where as I explained in my previous post.

michaels

2 person run

Fact HSBC have cut their rates to savers much more than their SVR
Fact HSBC made a big deal about how competitive their SVR was and had historically been when people made the decision to go to a rate linked to it

HSBC have decided that they no longer need to be competitive and can increase their margins at the expense of their borrowers even though we payed them large 'arrangement' fees to get what was dressed up as a competitive rate.

People who chose fixed rates have my sympathy but they have what they chose a fixed rate for - certainty. I think it is like signing up for 12 months with sky and a few months in them doubling the price with no option to quit.

HSBC think their reputation for financial strength will let them benefit from widening their margins, hopefully customers will vote with their feet.

Edit: I posted a piece a few months ago suggesting svr mortgage holders will be screwed as banks try to recover their loses on tracker mortgages (resulting from widening libor spreads) and with fixed funds already secured the only place for them to go would be SVR customers

Edit: Customer service - HSBC mucked up my DD switch and even though it was clearly their fault they said they would still need to wait for their official investigation to complete before they could think about not marking my credit file with a late payment - even though the investigation was likely to take so long that they would already have damaged my credit file before they then confirmed it was their mistake. And that was after they called me, I paid instantly by debit card and then they made the same call to me 3 more times over 3 days and admitted that I had made the payment but because their computer system was behind in crediting the payment it kept scheduling new calls to me...

Edit: And of course all the mortgage advisers are gloting now because HSBC didn't pay them commission and are pleased to see those who went direct having their fingers burned.

dunstonh

Good for HSBC.

If you want a BoE tracker then buy one. If you didnt buy one then why are you complaining that your mortgage isnt tracking? Its a bit like buying a motorbike and then complaining it doesnt seat the wife and 2 children.