The table-topping HSBC mortgage with a sting in its tail

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Former_MSE_Guy
Former_MSE_Guy Posts: 1,650 Forumite
I've been Money Tipped! Newshound! Chutzpah Haggler
edited 4 June 2009 at 11:48AM in Mortgages & endowments
This thread is to discuss the following news story:
The table-topping HSBC mortgage with a sting in its tail
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  • Bernard_Coleslaw
    Bernard_Coleslaw Posts: 652 Forumite
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    Link broken.
    Everyone needs something to believe in.

    I believe I need another beer.
  • Bernard_Coleslaw
    Bernard_Coleslaw Posts: 652 Forumite
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    Bernard_Coleslaw wrote: »
    Link broken.

    Link now fixed.

    @ MSEGuy - You're welcome, BTW.....
    Everyone needs something to believe in.

    I believe I need another beer.
  • TEDDYRUKSPIN
    TEDDYRUKSPIN Posts: 1,528 Forumite
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    Before someone starts to go, 'oooooo...!!!!'

    Read the article. HSBC requires all booking fees to be paid up front. Standard valuation and the completion fee is waived.

    They sting in this so called tail is definitely the booking fee.

    This will work for some and not all.
    Motto: 'If you don't ask, you don't get!!'

    Remember to say thank you to people who help you out!

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  • koexelek
    koexelek Posts: 7,847 Forumite
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    TEDDYRUKSPIN wrote: »

    Read the article. HSBC requires all booking fees to be paid up front.


    Can't see many people wanting to do that
    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.
  • Rexxy
    Rexxy Posts: 75 Forumite
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    Does anybody know if this is the same with their existing fixed rate deals?
    Win £2008 in 2008 member no.168! :p
  • michaels
    michaels Posts: 28,028 Forumite
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    I would advise extreme caution in dealing with HSBC unless it is with a fixed or tracker product. They have passed on very little of the interest rate cuts even though the cost of funds to them has fallen sharply so there is nothing to stop them raising their svr even further above the base rate even if the BoE do not increase base rates.

    I have been stung to the tume of several thousand pounds transferred directly from my pocket to their profits. Be carreful with HSBC.
    I think....
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
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    michaels wrote: »
    I would advise extreme caution in dealing with HSBC unless it is with a fixed or tracker product

    Which are the only two products they sell.
  • TEDDYRUKSPIN
    TEDDYRUKSPIN Posts: 1,528 Forumite
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    _Andy_ wrote: »
    Which are the only two products they sell.

    What else do you need? LOL. A free lollipop?

    I am surprised that Michael has actually said that HSBC have not passed on the drop on SVR. Don't you know? They DO NOT have to. As it states! Banks standard variable rate!

    This is NOT A TRACKER!
    Motto: 'If you don't ask, you don't get!!'

    Remember to say thank you to people who help you out!

    Also, thank you to people who help me out.
  • crabbman2004_2
    crabbman2004_2 Posts: 100 Forumite
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    Anyone would think HSBC were a business.....:confused:

    What do you expect if you get a fixed rate as low as 2.49% fixed for 2 years? £200 Cashabck for your trouble??
  • TEDDYRUKSPIN
    TEDDYRUKSPIN Posts: 1,528 Forumite
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    crabbman2004 wrote: »
    Anyone would think HSBC were a business.....:confused:

    What do you expect if you get a fixed rate as low as 2.49% fixed for 2 years? £200 Cashback for your trouble??

    I heard if you go through quidco you can £0 cashback through HSBC mortgage. What a deal.....................:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
    Motto: 'If you don't ask, you don't get!!'

    Remember to say thank you to people who help you out!

    Also, thank you to people who help me out.
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