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

owitemisermusa

Spare a thought for folks who fixed at 4.99%!

stubla78

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.

Re Post by Michaels @ 2147

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Maybe, but the argument you make is arguing black is white on one hand and white when black on the other.

Contract is contract. If you fixed your Electricity bill you would be smug that you saved when the prices got hiked but if they dropped you would be first to bleat.

I dont understand your reasoning and as said before I am an HSBC SVR customer.

dunstonh

owitemisermusa wrote: »

Spare a thought for folks who fixed at 4.99%!

4.99% is a great rate for the long term. If quantative easing goes wrong and inflation takes off you will be really pleased with that 4.99%

System

Indeed, no sympathy from me, I'd be delighted to be able to fix at 4.99 right now.

_Andy_

owitemisermusa wrote: »

Spare a thought for folks who fixed at 4.99%!

My heart bleeds for you.

owitemisermusa

_Andy_ wrote: »

My heart bleeds for you.

Not sure if I believe you! Thank you though! Ha ha!

ah_heng

Again, to those who got affected by those greedy banks like HSBC (like me), my heart goes to you.

And those on fix rate, yes.. you maybe really paying higher now but you have the certainty of being "fixed". And for those like me on SVR, we risked being on a higher rate when BOE decides to increase the rate.

For those who think we are "stupid" and keep on saying that..."hahahah, why didn't you choose tracker"... I have nothing to say but please don't waste your time in this thread please.

Back to my argument. If HSBC were to reduce their savings rate (at full %), they should "ethically" do the same on the SVR! I've nothing to say if they didn't reduce their savings rate and maintain the SVR.

This point me to the mere fact that, when BOE increases the rate, I AM FREAKING SURE HSBC will increase the SVR, IMMEDIATELY!!!

Updates:
http://www.myfinances.co.uk/news/mortgages/mortgage-advice/mortgage-rate-round-up-$1275156.htm

Every other banks seems to be revising their SVR and HSBC still "UNDER REVIEW"!!!! Gosh... what kind of BIG BANK like HSBC need to think and think... since the previous rate drop... Blardy HSBC

midflight

ah_heng wrote: »

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?

There's definitely a lesson in there somewhere.
I think it might have something to do with trust, and trying to deal with people who are in the business of making money. My sympathies are with you though. Just look at RBS/NatWest - despite being majority owned by the taxpayer, and all the recent scandal about that idiot getting a £700m+ pension pot for bringing down the company, they're still keeping their SVR at 4%, despite the latest cuts - ouch!

Anyway... does anyone know if HSBC will be passing on the new 0.5% cut to tracker customers? Unlike some lenders, they don't have in their T&Cs an actual floor/collar figure below which they won't track - just some nonsense about "extreme market conditions", or something...
They've passed on all cuts so far, but I reckon they must be getting tempted to invoke the clause sometime soon...

ah_heng

midflight wrote: »

Anyway... does anyone know if HSBC will be passing on the new 0.5% cut to tracker customers? ...

Yes.. they "HAVE TO" pass it on because they have no clause in their agreement to say otherwise.

Maybe because of that, those on SVR are suffering....

davidla

dunstonh wrote: »

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.

You obviously haven''t lived in Asia then!
http://clevershark.com/fark/family_on_scooter.jpg

David