HSBC Lifetime tracker

Ety

Hi All,

What's the average time to complete with HSBC for a Lifetime Tracker - got my appointment next monday?

Thanks,
Ettx

bubblesmoney

Ety wrote: »

Hi All,

What's the average time to complete with HSBC for a Lifetime Tracker - got my appointment next monday?

Thanks,
Ettx

it took about 10 days for me. but could have been quicker if not for them having my old phone details on their records and hence needed to contact me by post.

skyjumper wrote:

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

i read the terms and conditions and also the mortgage offer document that we signed and it says no fees clearly in the key facts document.

i had specifically asked the mortgage advisor at the bank if i would be charged any fees if i repaid it in a years time and he told me there would be no charges even if it was repaid in 1 day and interest would be charged only for the time the mortgage was used

skyjumper

that's interesting to know Bubblesmoney.

thanks for the update and hope this thread runs alive and people with similar experiences share theirs

karie

skyjumper wrote: »

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

hi there

i took out this product and had a situation where the valuation came in £500 below what i needed. i paid the difference myself. only thing i would say is that hsbc were very slow to tell me this had happened, and this nearly caused delay in completion of my re-mortgage from A&L.

karie

skyjumper

thanks karie for sharing the info. i hope it went ahead without much hazzles eventually.

Jonbvn

skyjumper wrote: »

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

According to my mtg documentation there are absolutely no fees.

The way I have set it up is that the mortgage account is shown in my online banking (with HSBC). That way any spare money can just be transferred across to the mortgage very simply. Even if you don't have HSBC online banking, your mtg has a sort code & a/c No. Therefore you could transfer funds from any a/c directly into your mtg using BACS (or maybe FPS).

techno12

Jonbvn wrote: »

According to my mtg documentation there are absolutely no fees.

The way I have set it up is that the mortgage account is shown in my online banking (with HSBC). That way any spare money can just be transferred across to the mortgage very simply. Even if you don't have HSBC online banking, your mtg has a sort code & a/c No. Therefore you could transfer funds from any a/c directly into your mtg using BACS (or maybe FPS).

Yup, that's what I've just done (BACS from Barclays to my HSBC mortgage acc) - really easy to do. I much prefer to overpay willy-nilly than be fixed to a regular monthly overpayment, as some months money is tight (eg those months which feature my bi-annual £400 flat maintenance charge).

I reckon those letters are going to get annoying though, it appears each time you make an overpayment they recalculate your normal monthly payment, and send you a letter to say so...

bubblesmoney

techno12 wrote: »

Yup, that's what I've just done (BACS from Barclays to my HSBC mortgage acc) - really easy to do. I much prefer to overpay willy-nilly than be fixed to a regular monthly overpayment, as some months money is tight (eg those months which feature my bi-annual £400 flat maintenance charge).

I reckon those letters are going to get annoying though, it appears each time you make an overpayment they recalculate your normal monthly payment, and send you a letter to say so...

u can ask them to set it up in such a way that any overpayment reduces the term rather than the monthly payment. i briefly discussed this with the hsbc mortgage advisor and he said we can call up the mortgage helpline when the mortgage is drawn and then inform them about any standing orders for overpayments or to make manual overpayments online as the mortgage account appears with all ur accounts / isas / online accounts etc when u log in to ur hsbc online website and funds can be easily transfered when ever convenient to us if we dont want standing orders for overpayments etc and overpayments can be setup to either decrease monthly payment (think this might be the default setting for most mortgages) or instead one could ask for the mortgage term to be reduced instead while monthly payments remain the same.

if only they introduced an offset mortgage that took into offset the ISAs then that would be an awesome package (think barclays has something similar but they have charges for mortgages etc and am not so sure if their rates are ok after considering the charges, seen poor reviews by some for their customer service on MSE forum)

Heyman_2

Hi all,

Thought I'd just give an update to my HSBC application.

As you know -
we applied,
got accepted in principle,
sent our documents,
had a phonecall to say all accepted and could they have the booking fee,
we said what about valuation as we want pretty much 90% LTV,
they said booking fee first then valuation and if valuation is under they'll refund it,
we said fine, in writing please,
they said no,
we called the fsa who said they should do it,
we complained to hsbc who eventually put it in writing for us,
we paid the booking fee,
we had the valuation done at the start of this week,
surveyor verbally told me he thought we were fine with our valuation.

So we've now had the formal mortgage offer through (came before the valuation), plus the legal docs from the solicitors. I've just given HSBC a nudge today because I hadn't heard anything about the valuation but they say they've written to say that it's all satisfactory :T :T So should have the letter waiting for me when I get in tonight.

I'm most pleased about the valuation result. All the gleeful media talk and discussion on here about prices going through the floor etc can really get you down - but it shows that it really depends where you live and nothing is set in stone. :rolleyes:

skyjumper

heyman and buublesmoney,
can I ask you for something.

Did you get a copy of the valuation reprt from HSBC or Just a verbal communication about the valuation reports

thanks in advance