HSBC Morgage Paperwork Question

Bluebirds1975

Vincenzo wrote: »

This has been my experience too. What concerns me is that HSBC have taken the (non-returnable) booking fee and issued the mortgage offer (which I have returned) BUT the val is booked next week.

Whilst I am very confident that it will stack up (LTV is c. 65%, mortgage only requires 90%), this seems a little odd to me. If they decide the property does not offer sufficient security they can pull out and keep my booking fee!

We took their lifetime tracker which has no booking fee:money:

bubblesmoney

life time tracker has no fees as told to me by hsbc and rates from 5.79-5.99 presently (0.79-0.99% over base rate life time tracker). rate dependent on savings / mortgage status.

Bluebirds1975

bubblesmoney wrote: »

life time tracker has no fees as told to me by hsbc and rates from 5.79-5.99 presently (0.79-0.99% over base rate life time tracker). rate dependent on savings / mortgage status.

This is correct. We have a lifetime tracker a 5.89% tracking at 0.89% with no fees

Vincenzo

Bluebirds1975 wrote: »

This is correct. We have a lifetime tracker a 5.89% tracking at 0.89% with no fees

I have taken the Lifetime Tracker Remortgage Special at 0.79% above base with a £599 booking fee.

Bluebirds1975

Vincenzo wrote: »

I have taken the Lifetime Tracker Remortgage Special at 0.79% above base with a £599 booking fee.

I think this rate is only available if you are a premier customer. The morgage has to be over £250.000 or a single mandated salary of £75k+

Vincenzo

Bluebirds1975 wrote: »

I think this rate is only available if you are a premier customer. The morgage has to be over £250.000 or a single mandated salary of £75k+

It is available to everyone (remortgages only).

http://www.hsbc.co.uk/1/2/personal/mortgages/remortgage/tracker-rate;jsessionid=00005MeDXJSRz-GOEZTULxrhz1s:12ntf0lqs

There is one with criteria similar to what you refer to. It is the 'Mortgage Special - Premier Life Time Tracker' which is 0.69% above base with a £999 fee.

boinging_2

Bluebirds1975 wrote: »

Thanks very much for this. Sent all of my paperwork back on Wednesday and had a call from the morgage processing department yesterday to say the morgage has been approved:T

They will arrange a valuation next week which should be ok as the house was up for £224.995 and we got it for £190.000 plus there is a simular house for sale in the street for £249.995

Sounds like you got a good deal on your house! I believe HSBC use a national chain of valuers these days. Given the other houses on the market in your area I'm sure you'll be fine.

You may want to call up the estate agents (assuming they will get the keys for the valuation from them) and ask them if they could drop a few comments on what a steal the price was to the valuers!