HSBC Rate Change On Tracker

Bluebirds1975

HSBC have dropped their current tracker rates by 0.05% from today but have added a booking fee of £499

They still offer a free tracker but this has gone up to over 6%

http://www.hsbc.co.uk/1/2/personal/mortgages/first-time-buyer/tracker-rate;jsessionid=0000j0YM1I8cImpTjIgO0BMzmk-:12c58t1e1

Jonbvn

Thanks for posting this. I would guess that HSBC have had a good take-up of their tracker mortgages, hence the fee.

BTW if you are considering these mortgages, do your sums first, to see which is the cheaper deal overall.

As an example: 100k over 25 years

Total Interest @5.94% GBP92,191.26
Total Interest @6.24% GBP97,716.11
GBP499 booking fee interest @6.25% (assume ISA) GBP2,271.56

Therefore, in this case the fee paying tracker mortgage would be better.

skyjumper

a quick question.

i had recieved the MIP on 1st Sept and the documents says it is valid until sept 14th. I had signed the offer and have sent it back on 5th (friday). any idea where I would stand I had got the fee free tracker at 5.99%.
sorry FTB and not much exp.
any advice welcome

Ety

I'm gutted now my mortgage was accepted on principal at fee free 2 weeks ago - I arranged my appointment to sort the next stage out and the advisor was on a training course. Rang HSBC on saturday who said they weren't aware of any changes!!! U guessed it my appointment is today! Not holding my breathe!

Ety

skyjumper

let us know how you got on today Ety. hope you were offered the same rates which you had recieved on the MIP

Bleg

I am about to settle for a tracker with HSBC at a rate of .79 above the BoE with no tie in period and an unlimited amount of over payments with a fee of 599. I am also someone who believes that interst rates are heading downwards.