HSBC Lifetime tracker

bubblesmoney

yummy_mummy_of_3 wrote: »

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

u can ask them over the phone regarding what the valuation was. i asked today in the branch and they told me what the valuer had assessed it as (same as my purchase price to the penny)

bubblesmoney

_Andy_ wrote: »

Has anyone just rung them and asked?

bubblesmoney wrote: »

will find out tomorrow from hsbc about what will happen in this scenario.

landed a bit late for the appointment as i couldnt find a parking space and in my hurry i forgot to ask about this scenario. i remembered after i left the bank and my OH wouldnt let me go back just to ask this and embarass her. oops. so i hope someone else clarifys this point

ps: all paperwork related to the mortgage completed and just waiting for the draw down by solicitor when all searches are completed. from application to finish it took 10 days only including survey. i think everything was ready 2 days ago after the survey, things got delayed a few days as surveyor had got a wrong phone number for me and had to contact me by post to get payment for survey otherwise might have been quicker by 3-4 days.

HSBC rocks in terms of service and speed both for branch and surveyor and offsite paperwork processing centre, no fees, free valuation, very low charges for survey and good interest rates :beer: :j

skyjumper

"surveyor had got a wrong phone number for me and had to contact me by post to get payment for survey otherwise might have been quicker by 3-4 days

HSBC rocks in terms of service and speed both for branch and surveyor and offsite paperwork processing centre, no fees, free valuation, very low charges for survey and good interest rates"

Just wanted to enquire about this comment, Bubblesmoney

I thought it was a Fee free valuation or did you pay for upgrading to a Homebuyer or structural valuation.
hope you would clarify this, and thanks for the effort

bubblesmoney

skyjumper wrote: »

"surveyor had got a wrong phone number for me and had to contact me by post to get payment for survey otherwise might have been quicker by 3-4 days

HSBC rocks in terms of service and speed both for branch and surveyor and offsite paperwork processing centre, no fees, free valuation, very low charges for survey and good interest rates"

Just wanted to enquire about this comment, Bubblesmoney

I thought it was a Fee free valuation or did you pay for upgrading to a Homebuyer or structural valuation.
hope you would clarify this, and thanks for the effort

yes the valuation is free, i paid 180£ extra for the home buyers report. the structural survey would have been £390 had i opted for it instead. the homebuyers report wasnt needed by hsbc but i asked for it, neither did the surveying company push for me to do the home buyers report when i asked them whether it was needed for a 6y old property, hey told me it was my choice. i also asked them whether a structural survey would be recommendd by them but they said no need to do it. i liked the fact tat they didnt push for me to do the home buyers report and also actually discouraged me from asking the structural survey even if they stood to get more money from me if i paid for those services. they did say bank neededjust valuation but i felt safer oping atleast for the home buyers report and paid for it.

the surveyor did discuss a few things with me that are not in the report and reassured me on my queries and even said can call him on his mobile number anytime if had further queries. i wouldnt hesitate one bit using the same surveying company if i ever bought another property again in the uk. i wouldnt even consider any other company after my experience with this company even if i have to pay more for their services compared to other companies. they certainly know how to treat their customers well. (although since this is the only time i have bought property in the uk and i havent used any other surveying company, hence i dont have comparative experience. but anyway their customer service will be hard to beat from my impressions)

skyjumper

Can i just add another query for Bubblesmoney

How much LTV was your Mortgage, and what was the interest rate you had got with them. i know i'm asking many questions, but i'm in a very similar position and would like to know.

thanks again

bubblesmoney

skyjumper wrote: »

Can i just add another query for Bubblesmoney

How much LTV was your Mortgage, and what was the interest rate you had got with them. i know i'm asking many questions, but i'm in a very similar position and would like to know.

thanks again

LTV 37%. standard interest rate of 5.99% for lifetime tracker mortgage (25y term but i aim to pay it off in 4y atleast or sooner if i am lucky).

as a side note, i could have tried for premier rate atleast for the first year (after which i wouldnt have satisfied the criteria) but the 0.2% difference in interest rates will make just 6£ or so difference i think for me and so i couldnt be bothered hassling them for £72 or so i would have saved over the term i aim to pay it off in.

if i had opted for the plus account then would have got 5.89% but would have had to pay the monthly fee for the plus account which i wasnt interested in as i have all the same features of that account for free elsewhere in another bank, so didnt see he point in paying more than i would save in the mortgage by applying for the plus account plus get the reduced mortgage interest rate

ps: interest rate is the same as long as u have 90% max allowed LTV for the lifetime tracker mortgage

also consider the offset mortgages from other banks after factoring in the fees charged by those banks. i think i might have saved a bit more if hsbc had offset mortgages. i couldnt be bothered hunting around for more cheaper ones as am getting busy on the personal front, so couldnt get more hassled with further waste of time. but might have done it if things were different timewise. but have been happy with their service till date so cant be bothered saving a few pounds more and go for a mortgage elsewhere

skyjumper

thanks bubblesmoney for the reply and detailed explanation.

i'm in a very similar postion and was looking at the options. it's a shame HSBC doesn't do Offset, otherwise things would have been much better

Heyman_2

Hi all,
Just a minor update on my situation, surveyor has just been round! Long story short, he verbally told me that he reckons we're ok and that the value he gives will be at or above that which we specified to HSBC! :beer:

That means our property value has gone up by around 7% since we bought it at the beginning of 2007.

I'm over the moon as you can imagine, especially after reading all the doom-mongering going on here about house prices falling off a cliff. :mad: Having said that I guess it depends where you live in the country, and also I am VERY glad that I sorted this out now rather than in 4 months time when our deal is actually up.
:rolleyes:

Fingers crossed that he does follow through on that though (he said he had to do a bit of 'research'), will find out later or tomorrow hopefully. Will keep you all informed!

skyjumper

thanks for the update Heyman.
congrats on your mortgage offer and valuation. keep up up to date on your progress

anyone here experienced the valuation coming below the price quoted for the Mortgage from lender?

skyjumper

i was thinking about this scenario


you take out the mortgage and then pay it off within 2-3 years.
is there any catches where HSBC can ask to pay for ANY fees or Completion Exit fees? or is it totally free - as they say. I mean they just give you back the title deeds and you say thanks you. that would be nice

any thoughts