HSBC Lifetime tracker

karie

what happens when their rate goes down? i presume you are stuck at the rate you signed at?

for instance, it has dropped from 0.99% above BOE to 0.94% above - but as there are no fees attached, there is nothing stopping you from applying for the lower rate.... would they give it to you... have i missed something? confused!!:o

manikm

its BOE plus .79% - so at the mo its 5.79%

if the BOE reduced interest rates by a 1/4 then it will be 4.75% plus .79% = 5.54%

not much to be confused about is there?

karie

sorry - what i meant is when hsbc reduce their rates

my point was that as there is no tie-in fees or application fees, you could simply apply for a better rate when the bank reduces its rate? eg from 0.99+5% to 0.94...

Bleg

I paid a £599 arrangement fee. for the BOE+.79 life time tracker.

klaatu

karie wrote: »

what happens when their rate goes down? i presume you are stuck at the rate you signed at?

for instance, it has dropped from 0.99% above BOE to 0.94% above - but as there are no fees attached, there is nothing stopping you from applying for the lower rate.... would they give it to you... have i missed something? confused!!:o

The fee-free tracker rate has gone UP to base + 1.24. The base + 0.94 tracker has a fee of £499.

Steve

manikm

had a meeting with them today - what i didnt know is that you cant add the fee onto your mortgage =- its an upfront fee - BUT this fee has to be paid BEFORE your property is valued!!!! - so u have to be careful, cos if your property isnt what u think its worth and they dont meet your LTV bracket - then "potentially" you could lose your £599

ive asked them to find out if they can refund my booking fee if the valuation doesnt meet what i need! so i've gotta wait and find out.

i asked about tie-ins - she said - you could be on it for 1 week, and can change to fix or any of their products if i wanted!!! - product fee obviously needs to be paid on whichever product u choose, should you decide to switch at any time.

MishterTea

manikm wrote: »

ive asked them to find out if they can refund my booking fee if the valuation doesnt meet what i need! so i've gotta wait and find out.

This was my concern too (see my previous post) but today I phoned them to ask and was assured (the advisor had to speak to his manager) that the fee would be refunded if the valuation forced the LTV above 90%. I was told this was the only exception to the none-refund policy. That was good enough for me (all calls are recorded) so I applied there and then...

manikm

hmmm i will want it in writing

skyjumper

anyone has Interest only Mortgage with HSBC Life time Tracker.

or is it that they only allow Repayment with this mortgage.

any idea?

Heyman_2

manikm wrote: »

hmmm i will want it in writing

I did this - they put it in writing to me, eventually (see earlier in this thread!)