A couple of months ago, I booked a 2-year fixed rate offset mortgage of 4.99% at first direct for £499 (with £1,889 of fees still to come if I go ahead, which at my mortgage level of £350,000 amounted to an extra 0.2% per year over the 2 years).
Now the First Direct SVR is at 5.5% and they have still not announced what they will do in response to the interest rate cut. If they do nothing, then they'll probably pass no cuts on, and the fixed rate is probably better (5.2% vs 5.5%, plus the benefits of offsetting). But my questions are:
1) Is there any indication when First Direct might make a decision?
2) Is there any indication what that decision might be?
3) Should I go for SVR or my fixed rate if the answers to 1 and 2 are "no"?
4) Given that HSBC own First Direct, and I could squeeze my mortgage under 60% of the First Direct-approved valuation, is there any way HSBC could piggyback off First Direct's approvals procedures and give me their new 3.99% tracker loan without me having to get another valuation, get approved once more, and waste weeks and more money? I think I know the answer to this, but I thought it was worth asking! I'll ask First Direct themselves this question, but I'm sure the call centre person won't know the real answer.