Nationwide, Lloyds TSB and HSBC new SVR

After today’s interest rate cut of half a percent only three lenders Lloyds TSB (LON:LLOY) mortgage arm Cheltenham & Gloucester (C&G), HSBC (LON:HSBA) and Nationwide have agreed to pass on the full rate cut to their Standard Variable Rate (SVR).

HSBC will pass on the full half a percent to its borrowers that are linked to its SVR, this will mean that HSBC SVR will be 3.94 percent from February 6.

Lloyds TSB and its mortgage arm Cheltenham & Gloucester are legally bound by the terms and condition to pass on the full rate cut, due to the clause that does not allow the banks SVR to be higher than 2 percent of the Bank of England’s base rate, reducing Lloyds TSB SVR to 3.5 percent from February 1.

Nationwide has a similar clause in their terms and conditions and will also be reducing its SVR to 3.5 percent, although they have insisted that they will not reduce the rate for borrowers on existing tracker mortgages.

Source: timesonline

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