HSBC Lifetime tracker

manikm

paid my fee today = got surveyors coming out tomorrow! excited but scared too.

fingers crossed!!!

i just have a feeling they're gonna downvalue me after what i've been reading!!! and then i'll be forced to go with current lender at 6.24%!!!! and pay £1000 fee as i wont be able to afford the difference

Bleg

I have the surveyor coming in tomorrow. If he wants to know how much I paid for the property I will tell him/her as it is on that figure I got accepted for the mortgage in the first place.

Today I got the introductory pack from the solicitors who make it quite clear that they are acting on behalf of HSBC and NOT us. I am going to spend tonight reading through all the paper work. Ours is a basic re-mortgage and I hope it is going to be straight forward. In briefly glancing through all the paperwork all most at every point they reccommend we seek independent adivce as ...."Your home is at risk if you do not keep up repayments on your mortgage...............bla bla bla"

My question is to all my MSE who have used the free legal services from HSBC-is there anything I should be worried about? I am sure the pack sent out to me is a pretty standard pack. I would be gratful if any of you could your experinces.

karie

i had no problems with them whatsoever and found them quite helpful

karie

manikm

bbf wrote: »

We were approved for a lifetime tracker mortgage +0.79% with £599 fees. Everything moved quote fast - only thing left was the valuation. The guy turns up with a clipboard and room measurer and whizzes around the place in 5mins flat, during the visit he asks how much we bought it for two years ago (£150k) and what we valued it at (£165k). Call up the next day to see how it went and HSBC tell us it was valued at £150k. I rather hacked off that I told him how much it cost us, because I genuinely believe it was undervalued and badly advertised when we bought it (yay for us! ), but it had hideous decor throughout. We've redecorated 3 out of the 5 spaces/rooms too.

I wish I hadn't told him the cost! I don't believe he'd could have possibly come to that figure otherwise. HSBC refuse to engage in any argument (well, they keep saying that nobody is available to talk to us) and just say that we'll get communication via post with our options. Has anyone else had this? Is it possible that over the last two years Oct-06 to Sept-08 that the price of a 1-bed flat in central north London has effectively devalued?? I think the valuation must be wrong..... am I mad?

We need to borrow £138,000 but 90% of £150,000 is £135,000 so if they still allow us to borrow 90% we'd have to find £3k from somewhere...! :mad: Even if it had been valued at £155 it would have been fine.

BBF did you get your deal in the end?

It seems mad that after only a month - this deal is now only avail to 75% LTV customers, and its .84 above base rate, plus a higher fee!

ixwood

Bleg wrote: »

I have the surveyor coming in tomorrow. If he wants to know how much I paid for the property I will tell him/her as it is on that figure I got accepted for the mortgage in the first place.

Today I got the introductory pack from the solicitors who make it quite clear that they are acting on behalf of HSBC and NOT us. I am going to spend tonight reading through all the paper work. Ours is a basic re-mortgage and I hope it is going to be straight forward. In briefly glancing through all the paperwork all most at every point they reccommend we seek independent adivce as ...."Your home is at risk if you do not keep up repayments on your mortgage...............bla bla bla"

My question is to all my MSE who have used the free legal services from HSBC-is there anything I should be worried about? I am sure the pack sent out to me is a pretty standard pack. I would be gratful if any of you could your experinces.

Reading it would probably be a good idea.

Bleg

We finally completed on Friday the 17th Oct. We made the application on the 16th Sept.

The whole process was fairly painless though I feel it could have gone a bit faster. The only snag I found was that at no point did we receive any written communications from the surveyors even though I was told that they should have sent me a copy of the valuation report. Surprise surprise (just what I had expected after reading these threads) the valuation can in at the exact price we paid for the property 4yrs ago.

I am not bothered because as far as I am concerned the house's real value is that which I paid for it. I do not like working with theoretical and subjective values.

manikm

mine came in at 10k higher after 2yrs from purchase (which is exactly what i needed for the deal) - PHEW!!!

bbf

manikm wrote: »

BBF did you get your deal in the end?

It seems mad that after only a month - this deal is now only avail to 75% LTV customers, and its .84 above base rate, plus a higher fee!

To Manikm:

Yes! Finally completed last week.... HSBC's call handlers to do with in-progress mortgages leave a lot to be desired. Their solicitors in our case were generally ok, but waiting for 10-15mins for even a call to be answered is a bit much.

In the end we paid the £3000 shortfall due to the low valuation and the existing mortgage amount. Our mortgage payments have been on a roller-coaster recently.... under £900 during the last months of our discount rate with Northern Rock, then up to £1050+ when we hit the standard variable rate of a staggering 7.5% for a couple of months, then down again to HSBC's 0.79 over base rate (so just under £850 now). Our overall rate for comparison is now 5.5% . Am feeling quite lucky to have got in at the right time.

Toughluck

HSBC and FD lifetime trackers are really getting me down. Never mind, never mind at some stage in the future we will win again.

manikm

bbf wrote: »

To Manikm:

Yes! Finally completed last week.... HSBC's call handlers to do with in-progress mortgages leave a lot to be desired. Their solicitors in our case were generally ok, but waiting for 10-15mins for even a call to be answered is a bit much.

In the end we paid the £3000 shortfall due to the low valuation and the existing mortgage amount. Our mortgage payments have been on a roller-coaster recently.... under £900 during the last months of our discount rate with Northern Rock, then up to £1050+ when we hit the standard variable rate of a staggering 7.5% for a couple of months, then down again to HSBC's 0.79 over base rate (so just under £850 now). Our overall rate for comparison is now 5.5% . Am feeling quite lucky to have got in at the right time.

same here - very lucky!
its now 2.08 above base, for 75% - 90% LTV peeps!!!!