HSBC Lifetime tracker

bubblesmoney

_Andy_ wrote: »

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

would they charge for the valuation bit of it. valuation is free, but they subcontract a RICS approved firm called www.esurv.co.uk . wouldnt they be spending on the valuation? if one doesnt go ahead after a valuation then can they charge the valuation fee they will be owing esurv???

skyjumper

it's hard to believe that they would just leave it just like that - someone would have to pay for the valuation and survey fee, right?

any more ideas on this?

bubblesmoney

if u see the hsbc mortgage terms and conditions nov 2006 (the present edition) edition. page 4

9. payment of charges
clause 9.1
you will pay us the full amount of all fees, expenses, liabilities and legal and other costs incurred or charged by us in or incidental to (i) enforcing compliance with or renedying any breach of the agreement or security or recovering the mortgage debt and (ii) the protection and enforcement (including the costs of any proceedings) of the security

since valuation is done after the agreement is signed, i dont know if they will recover costs incurred if one doesnt later go ahead with the draw down of the mortgage funds.

anyone have any personal experiences regarding this issue??

Heyman_2

I may be about to have experience of this!

Have had my application approved subject to Valuation, which is booked for next week. We are very close to 90% LTV, we bought in 2006 for 215000 and have put a value down of 220000. If the surveyor down values by even 10000 then we might not be able to go ahead with it!

Fingers crossed and I'll let you all know what happens!

skyjumper

heyman, did you have to sign something before the Valuation?

I'm waiting for the MIP documents, and i'm told that i have to send it back signed along with the supporting documents. Provided everything is clear, they would approve the mortgage subject to valuation.
so when is the time to pull out in case i don't need to go with them.

i will appreciate if you could let us know of the outcome and an update heyman

Heyman_2

Hi skyjumper,

To be honest I'm not sure what will happen if we don't go with them - I did get them to put it in writing that they will refund the booking fee (already taken by them the cheeky wotsits) if the valuation doesn't come up to scratch, but that is their standard policy anyway apparently.

No idea if they will pursue me for the cost of the Valuation if I don't go with them - it certainly doesn't mention that in the letter I had about the booking fee so I will be mightily displeased if they pull a usual bank fast one and try and deduct some monies from my booking fee! :mad:

Still - it's all to happen yet. Yes don't worry I will update here as and when things happen!!

*Edit* - sorry, to answer your question, yes you will have several things to sign, best advice is to read it all carefully. To be honest it all looked pretty standard stuff to me, I wouldn't be surprised if there's some clause in there about reserving the right to recover charges if you ultimately choose not to take their product, but I would have thought if there was a problem with the Valuation then that is a different kettle of fish (i.e. it's less your fault if they down value your house)

bubblesmoney

Heyman wrote: »

I may be about to have experience of this!

Have had my application approved subject to Valuation, which is booked for next week. We are very close to 90% LTV, we bought in 2006 for 215000 and have put a value down of 220000. If the surveyor down values by even 10000 then we might not be able to go ahead with it!

Fingers crossed and I'll let you all know what happens!

on their website where it mentions max LTV 90% there is an asterix mark and at end of page it says for graduates the max LTV is 95%. see if this is an useful option for u incase they down value the property.

_Andy_

Has anyone just rung them and asked?

bubblesmoney

_Andy_ wrote: »

Has anyone just rung them and asked?

will find out tomorrow from hsbc about what will happen in this scenario. am going to sign the rest of the paperwork regarding my mortgage, dont know what the paperwork is about since already finished the application bit and offer was approved and i got offer letter copy as well, survey done as well, dont know what this paper work is about now. i am planning on going with them anyway, so i will be enquiring just out of curiosity.

too bad hsbc doesnt have offset mortgages, so sticking to life time tracker. things would have been better if they had offset tracker mortgages as well. that would have been a juicy package. happy anyway with the lifetime tracker for now

yummy_mummy_of_3

Were just remortgaging with HSBC, I spoke to them last week regarding the valuation as I would really like to know it's value (|I just gave a low estimate over phone) but they said they just do it online why is this?
Thanks x