We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
HSBC not passing the 0.5% rate cut to SVR!!!
Options
Comments
-
-
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....
Perhaps if you had displayed such an extensive knowledge of HSBC mortgage products at the time of signing up, there would be no need for this thread
0 -
Perhaps if you had displayed such an extensive knowledge of HSBC mortgage products at the time of signing up, there would be no need for this thread
When you see a wounded person, would you rub salt on the wound, laugh at him on why he is so stupid, or try thinking how to help that person?
The answer is obvious, but I hope I am right 0 -
When you see a wounded person, would you rub salt on the wound, laugh at him on why he is so stupid, or try thinking how to help that person?
The answer is obvious, but I hope I am right
I mean this not to be personal. I am in exactly the same boat with regards an discount SVR from HSBC. Friends are paying next to nothing on trackers whilst others have seen no benefit from fixed rate products. All I am is saying people have to take responsibility for their own decisions.
Any contract is supposed to be mutually benefiicial to both parties. You cant bleat about it. If you were fixed and rates rocketed would you offer the bank some extra?
As for advice why dont you have a chat with HSBC on the phone and see what options you have? You must have taken this mortgage out a while ago based on affordability with an SVR at 5-7%? If your circumstances have changed there may be other people who can help you slim your expenditure on the DFW forum etc
My personal opinion is that SVR will outstrip a decent fixed this time next year which is why I am happy to protect myself for five years now even though the difference in rates is 0.9% i.e a difference of 15% per month
Tracker margins look appealing at the moment but at 2-2.5% above BOE how affordable will it look when rates climb back to 5,6, 7%?0 -
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
If you check the HSBC website theyt updated their 'rates update' pdf on the day they announced the rights issue to say that they would not pass on any of the Feb cut to the svr. No update to the document to cover the March cut yet.
No doubt the Feb move had already been decided in advance but the announcement was held for a month so that it would not get reported. I suspect they may pass on the March cut at a moment when they can get good publicity for doing so but I guess it depends what the competition loks like. I am hoping that the return of Northen Rock as a lender might spark a little more competition although I think their may be EU competition issues if the NR goes competitve on rates as obviously a govt owned bank can fund itself at BoE whereas the commercial banks have to pay libor.
Also I suspect there will be even more 'new customers only' type of deals as many existing customers are becoming captive due to insufficient equity to remortage - not an issue for me but then I have a redemption penalty and the sunk cost of an upfront fee to deter me from leaving.I think....0 -
Really? hmmm.. I thought they said their trackers don't have "collar" in it
Oh dear. Look, I started off with a lot of sympathy for you, but as someone else has already pointed out - your ignorance is letting you down, and maybe if you didn't pretend to know so much, you wouldn't have ended up in all this mess in the first place?
HSBC do have a clause in their tracker mortgages. Try looking it up.
It doesn't state an actual figure (like some lenders), but refers to "exceptional market conditions". I'd say a BoE base rate of 0.5% would have been considered exceptional by many people, but luckily HSBC haven't invoked their clause... yet.
Anyway, back to your situation. From the conversation transcript you quoted above, it would seem you are claiming that HSBC were guilty of mis-selling your current mortgage product, or at the very least - in giving you bad advice. If that's so, why not make an official complaint? Nothing may come of it, but you have nothing to lose...
Oh, but then again, you did quote this:
HSBC: "It's up to the customer, but at the moment the SVR rate is better than the tracker rate..."
Hmm, maybe you don't have a claim after all. Sorry
SKIPS STONES FOR FUDGE0 -
Oh dear. Look, I started off with a lot of sympathy for you, but as someone else has already pointed out - your ignorance is letting you down, and maybe if you didn't pretend to know so much, you wouldn't have ended up in all this mess in the first place?
HSBC do have a clause in their tracker mortgages. Try looking it up.
It doesn't state an actual figure (like some lenders), but refers to "exceptional market conditions". I'd say a BoE base rate of 0.5% would have been considered exceptional by many people, but luckily HSBC haven't invoked their clause... yet.
Anyway, back to your situation. From the conversation transcript you quoted above, it would seem you are claiming that HSBC were guilty of mis-selling your current mortgage product, or at the very least - in giving you bad advice. If that's so, why not make an official complaint? Nothing may come of it, but you have nothing to lose...
Oh, but then again, you did quote this:
HSBC: "It's up to the customer, but at the moment the SVR rate is better than the tracker rate..."
Hmm, maybe you don't have a claim after all. Sorry
wow.. I sensed that you are working with HSBC
Anyway, I didn't start this thread to "CLAIM" from HSBC. If I could, I am already halfway sending a proper legal letter to them.
And I didn't say I am an expert not pretend to be one. I am just another bloke like many of us in this forum and trying to make others who hasn't make a mistake like me not to go with SVR simply because they are cheaper rate.
And MY POINT IS, HSBC has been reducing their savings rate but not their SVR! At that time, the diff between SVR and their tracker is 1.XX% in favour of SVR. And now???
Again, I have to say this.. myself, and many others here were "wounded" ppl and any additional salt on the wound is not really necessary. We have a life and will accept it. That doesn't means we are stupid and keep it to ourself and let others fall into that trap, again and again!0 -
Then make statements to the effect of 'am such an fool for doing this' rather then 'HSBC are a bunch of bar*tards'. I bank with them and while I need to move my savings that just coz I have needed to move them for ages and I keep forgetting. As a current account customer I havent found them that bad. Especially with fine claims, I claimed back my husbands money of £1000's from them no probs, just waited 12 weeks, sorted. Not like the trouble some have had.
Its not their fault you got swept up with the savings on SVR's from the tracker. And you want a bad SVR try Chelsea BS! at 5.x%! Your getting off light. Untill Jan I thought I was on a SVR which would now be 4.99%, I bought a new build and now its in neg as it was at 95%, but I wasnt angry at the bank for its high SRV (bout 5.5% in Jan), it was the right choice at the time, no body put a gun to my head and said BUY!The will to save every money saving penny we can0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards