FTB & HSBC Mortgage

sympatex

Toughluck, i'm not really sure what you mean, perhaps a miss understanding. It's not that i don't like the product. Its a cost that i had hoped could be added to the mortgage to allow us more money for moving in expenses which aren't always easy to predict!

I gather a booking fee is if you want to hold onto the rate for x time before actually having to then pay the arrangement fee (if there is on). The residential mortgage with HSBC only has a booking fee so that's all there is.

sympatex

Toughluck, 6.25% compared with 5.69 is too much, an extra £70 on 185k borrowed just to avoid ERC. Not having an ERC is a feature i'd like to have but if it's a short term mortgage 2/3years it's not a deal clencher!

Going back to OP, its these booking, arrangement, completion, erc fee's that i'd benefit from the advisor saying what, when and how much each one will cost. I know I have to pay them to get that product i just want to know when, not always clear on the website.

Toughluck

agreed, some lenders websites do not make it clear until you have the full illustration in front of you.

In essence HSBC are good for FTB and the rates at 90% are good as well. If you know you are going to stay in the house for the number of years stuck with the lender I wouldn't really worry too much about the ERC. If you pay the £799 fee upfront, the benefit to you there is you won't pay interest on this over 20-odd year potentially. Sorry if I sounded !!!!!!!!

sympatex

Touchluck, we hope to stay in the house a long time, it's our first house so it's not normally the one you end up in but its a 3bed victorian semi with offroad parking, detached garage and a 100ft + garden. We're happy that we "could" stay here for the long term but we can't really plan for the unexpected!

If something happened in the 3 years the ERC will come to be a problem, we don't intend too but again it could be an unexpected change.

Yeah i got that with the upfront costs saving interest, then on the other hand sometimes you need the money now not in 20years time! Thanks for your advice, I think the thread has been answered, i'd be happier seeing them and going through the expected costs and timelines for them.

Thanks for all the replies.