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MSE News: HSBC launches lowest-ever five-year fixed mortgage
Former_MSE_Helen
Posts: 2,382 Forumite
"HSBC has launched a five-year fixed deal with a record low rate amid a time of economic uncertainty..."
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Comments
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Looks great! Can I make unlimited overpayments?Saving money for everything and everyone.0
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unfortunately no. i looked through the deal. 20% allowed over your normal monthly sum.0
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So even with the £1499 fee it's still the best deal?0
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So even with the £1499 fee it's still the best deal?
That would depend on the size of the mortgage, the larger the mortgage the better the deal with a large fixed fee like that.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0 -
I imagine HSBC are going to be very picky about who gets this deal. They usually are. But if you meet all their criteria it could be good, or you could probably get a cheaper tracker . . . um0
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shop-to-drop wrote: »That would depend on the size of the mortgage, the larger the mortgage the better the deal with a large fixed fee like that.
I'm looking for a £124k mortgage over 16 years. I'm struggling to know what is the best deal.0 -
Well Novanic, what are your options? Get one of the spreadsheets or calculators on here and do some number crunching. You could of course take it out over a longer period but factor in overpaying the 20% per month you're allowed to of course? So many exciting options for you, so little time, as I imagine this will have a huge uptake in demand.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
I'm sure someone must have asked this somewhere before - but now that the issues of dodgy PPI selling and excessive mortgage exit payments have been raised, can someone PLEASE look into the subject of excessive 'booking fees'.
It looks to me like banks are lowering their interest rates to try and look competitive but are just making a fast buck with these additional fees. Surely there should be a much lower cap on such charges?0 -
I'm sure someone must have asked this somewhere before - but now that the issues of dodgy PPI selling and excessive mortgage exit payments have been raised, can someone PLEASE look into the subject of excessive 'booking fees'.
It looks to me like banks are lowering their interest rates to try and look competitive but are just making a fast buck with these additional fees. Surely there should be a much lower cap on such charges?
Or even a cap of £1000!0 -
Or even a cap of £1000!
I think that would be too high. What is it they do for this money that isn't covered by the money they're making off the interest?
I got a lifetime tracker mortgage from HSBC two years ago that is 1.79% above the BoE base rate. It had no booking fee.
Now, when I asked them about borrowing 5k for a homeowner loan to pay for major works to the block I live in (they said they couldn't just expand my mortgage) - I was told I could only borrow a minimum of 10k at a higher interest rate plus there was a massive booking fee that amounted to somewhere around 10% of the loan value.
It's absurd that they're allowed to make such enormous profits in this way.0
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