HSBC breaks rate promise
BROKEN PROMISE: HSBC has reneged on a a vow that its satandard variable rate would not go higher than 1% above base rate.
Anyone taking out a mortgage with HSBC since March will have been told their loan will revert to the bank’s variable rate at 1.25% above base when their current deal ends. HSBC implemented the new rate after a revamp of its mortgage range six months ago. It is 0.25% higher than its former standard variable rate, called its Homebuyer rate. The Homebuyer rate of 5.75% remains for borrowers who took out mortgages before March. But those remortgaging or rescheduling existing mortgages will be moved to the higher rate of 6 pc.
In 2002 the Financial Ombudsman Service upheld complaints from homeowners with mortgages at Nationwide, HSBC, Cheltenham & Gloucester and Halifax, after they introduced a lower variable rate for new borrowers - effectively penalising existing customers.
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