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First Direct SVR
N5TEW_2
Posts: 7 Forumite
I'm on FD SVR @ 3.69%, however this was the rate before the two 0.5% reductions. Having always been a fan of FD it is beginning to annoy me that they are not passing on the rate cuts. Anyone got any thoughts on this?
Thanks
Thanks
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Comments
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what the penalties if you move to another one of their products that does track the rate?0
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Not tied in - but it is well out of order......0
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Hi N5TEW,
I know its frustrating when banks don't pass on the cuts, but think yourself lucky. I deal with many clients who would have to pay thousands of pounds in arrangement fees right now to get anywhere near this sort of interest rate on a remortgage or new purchase.
Don't focus on this, focus on whether you will be able to remortgage in a few years when the rates creep up. Check on your equity and house price right now and focus on strengthening this.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
3.69% isn't bad compared to many SVRs. A&L's, for example, is 5.09%.0
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Thanks for the replies, I know I've got a good deal. Ultimately, I just disagree with the principle and believe that things like this should not be allowed!! That's society and the rip-off UK we live in....Rant over0
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im with FD on the 3.69% svr , they are low , but other deals are now begining to catch up , only thing is when you take into account the fees for moving and add that into it , there really isnt alot in it and FD still come out top i think !!!!
Look at it this way , your not tied into anything and on a fairly good rate, but i agree it would be nice if FD passed on maybe a little of the 1% that been cut over the last month or so !!!!0 -
you should have taken a tracker linked to the BoE base rate if you wanted to benefit from drops0
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I too am on the FD SVR and have written to them indicating they are no longer the market leader they used to be, a very 'standard' response received and no attempt to answer the specifics I raised. The SVR has now remained unchanged following 3x0.5% reductions. FD also prevents existing mortgage holders getting the best tracker deal - no recognition of customer loyalty here unlike some other providers . The only consolation is its got the offset facility which other low SVR packages rarely offer.0
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I'm also on the FD SVR. In the thread 'who's passing on the base rate cut' Mike1999 says HSBC are expected to announce a cut in the next few days..
Anybody else heard this?0
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