HSBC Lifetime tracker

easilyamused

To HolidayDan: We're in the process of sorting a remortgage with their 0.79% above BBR with £599 fee at the moment. Have to say that we've found it pretty hard-going and arduous and lots of us chasing up the progress of it by phone.

Completed the initial application over the phone and was then posted a pack that asked us for bank statements, wage slips, our ID etc etc. Thought this would be quicker to go into a branch although in the covering letter they spoke about taking the ID in and using the 'fax header sheet' enclosed in the pack. Well there wasn't one. Didn't think this would be a problem - explained to the woman in the HSBC what I needed to do and she disappeared off to photocopy everything. About 10 minutes later she returned and said everything was fine. I asked if she could give me a receipt or something to say I'd gone in and given her all that and she gave me her business card.

Was rung a couple of days later by someone else within the whole mortgage application chain saying that she hadn't verified that she'd seen the original ID documents so I'd need to go back and do it again as she'd seemingly merely photocopied everything and sent it off. When I tried ringing her number on the card to try and get her to do this, I discovered there was a misprint on the card as the number on it was out of order.
Clueless as to the mortgage process and giving out business cards with incorrect details on - and she was a senior customer service advisor according to her card :rolleyes:

So anyway I trekked off to another HSBC branch with everything again and sat and retold the whole state of affairs to yet another member of staff who thankfully was much more on the ball and said she'd take care of it.

Seemingly she did as we received all the official documents through from their solicitors on Friday. They were all duly signed and posted on Monday but now we're just sitting waiting for them to send out someone to value the house.

All in all taken us getting on for 4 weeks so far .. not sure if this is normal or not. This is our first re-mortgage.

Still, when it all goes through, it's a cracking deal!

Bluebirds1975

So far mine has taken 9 days.

Did the application over the phone last Tuesday. Wednesday morning had the application in the post. Took my ID into the branch and asked them to certify and copy for me. Didn't use the fax header option. Posted everything back to the morgage department via special delivery the same day.

Had a letter last Friday to confirm receipt of my paperwork. EA called me Tuesday to say HSBC had arranged an appointment for tomorrow to value the property. Yesterday had the morgage offer to sign and return which we did the same day.

So hopefully if the valuer reports back to HSBC after his visit tomorrow should have the the final paperwork over the weekend ready for draw down.

Can't fault their service and speed. Should take about 2 weeks from start to finish.

Then its down the solicitors to drag their feet!!

easilyamused

How weird. I've just rung HSBC to check on progress of application and mentioned how I'd have thought they'd be contacting us for a valuation by now, and she said they'd done the valuation already and it was fine and they didn't need to come out and see the house.



If she's right then we're justing waiting for the solicitors to pull their finger out...

Bluebirds1975

I was also suprised that they had arranged to do a valuation before I had signed the morgage offer.

Also logged into my internet banking yesterday to check my current account and noticed the morgage details set up within my profile. Account number and sort code both showing.

The EA called me yesterday afternoon to say a company called Sheppards had called to pick up the keys to do the valuation

bubblesmoney

has anyone who has not completed the mortgage process yet, tried renegotiating the interest rate with hsbc, since nationwide seems to have cut the interest rates yesterday to BOE + 0.74% with no fees for 3y tracker.

when i had a chat with the hsbc mortgage advisor last week i had queried whether they would price match any better deal with any other bank and the advisor had told me that he would clear it with others and most probably be able to atleast get the same deal with hsbc itself if there were better offers at other banks. i was wondering since the rates were cut at nationwide yesterday (see other thread on nationwide), whether hsbc would now price match for life time tracker for BOE + 0.74% with no fees. even 5y fixed deals at nationwide are 5.98% without fees, so i think hsbc would be matching them as well if what the mortgage advisor told me is accurate. the natiowide website says 599£ reservation fee applies but from what i gathered on the nationwide thread i got the impression that it was a fee free deal, maybe they are doing that for nationwide customers. see link but dont know if this applies only to remortgages???. worth exploring this option as well

anyone tried asking this yet. i wont be doing it as my purchase has fallen through because seller dragging their feet!!!! i got tired of waiting for them to pull it off the market inspite promising me but still not doing it for more than a week now, so i pulled the plug on the purchase just the day i was about to apply for the mortgage. i will enquire with hsbc if and when i decide on another property.

EDIT: see link nationwide is exempting the £599 fees for a short period. this is mentioned only on the media pages of nationwide but not in the mortgages section

In addition, the chance to be “mortgage payment free” for a year (up to a maximum of £10,000) remains available - all customers who have a mortgage interview in a branch or on the phone between 28 July and 30 September will be entered into a free prize draw and 10 lucky winners will have their mortgage payments made by Nationwide for a whole year.

Welcome_2

i got this offer to.. i only owe £28k but it seems like a good offer. plus my current one does not end till oct and that was fine with hsbc

Jonbvn

boinging wrote: »

HSBC also currently have 5.69% tracker (BOE + 0.69%) that is for Premier customers (may be Plus as well) though it does have a £999 fee, though I'm sure for existing customers this could be negotiated - may be worth a call to see.

We are premier customers with HSBC. We found that the premier lifetime tracker @5.79% was slightly better than the above deal. However, if someone has a larger mortgage than us it obviously would be. Do your sums before deciding!

BTW, having been on a fixed rate mortgage previously, I just love the way you can just transfer overpayments into the tracker mortgage a/c via internet banking.

KatsMeow1980

Anyone with a leasehold property remortaged with HSBC? I downloaded the form from the net rather than doing it over the phone but it says you need to go to a branch to see an advisior as they'll need further information for leaseholds. Anyone know what that is? Assuming they'll need to see the lease and know who the leaseholder is- but thought it would just say that on the form?

skyjumper

what would happen if you have got the Mortgage In Principle and after veryfying the documents, they have done a Standard Valuation, Is it possible not to go ahead with HSBC as there are other options for me atm.

this is the tracker deal BOE +.99% life time tracker with no fees.
If I pull ot at this stage would there be any penalties at all??

_Andy_

No, it's a fee-free deal, you wouldn't have to pay anything.