Did HSBC reduce mortgage rates?

andimc

Hi all,

Does anyone know if HSBC reduced their SVR on their mortgages following the recent reduction of the BoE base rate? I can't seem to find out but I've not had a message about it.

I know the last couple of times they have reduced the rate they have left it weeks to pass it on. I find this practice absolutley disgraceful.

If anyone could help I'd appreciate it. Thanks

Tiddler_2

Most lenders do not pass on the interest rate changes (up or down) until the 1st of the following month for existing customers.

E.g Tracker mortgage for existing customer at BoE + 1% would be charged 6.25% for April, but 6% from 1st May.


However a new mortgage completing on 20th April would be charged 6% from day 1 (assuming deals are the same)

With regard to Lenders Standard Variable Rates, they do not have to pass on the full reduction/increase if they don't want to.