HSBC Lifetime Tracker - letter mentioning 'flexible payment amount'?

easilyamused

Hello

Had a letter through from HSBC today informing us that the interest rate has decreased and our payments have been revised. Only thing is it mentions a 'flexible payment amount' of £620.67 and a 'new standard payment' of £591.95, and says that our flexible payment will be payable unless we ask them to remove it.

Anyone know the difference?

Thanks

_Andy_

Yep it means you can keep the payment at £620.67 which means you'll be overpaying each month, or you can take the reduced payment.

maveli

I too got the letter. but there is no option for flexible option. The letter just says the the standard payment will change from X to Y from November

Gazmond

Speaking of the HSBC lifetime tracker, you may all be interested to know that the lower rates on 90% LTV remortgages have now gone. I applied today at a rate of 5.44% but, in between me phoning this morning and them phoning back this afternoon, the rate had gone up to 6.19% and the fee to £599 :-(

manikm

Gazmond wrote: »

Speaking of the HSBC lifetime tracker, you may all be interested to know that the lower rates on 90% LTV remortgages have now gone. I applied today at a rate of 5.44% but, in between me phoning this morning and them phoning back this afternoon, the rate had gone up to 6.19% and the fee to £599 :-(

what offer was that - ive just completed on the .79% above BOE rate.

90% LTV remortgage offer has been gone for at least a week - its only been advertised to 75% or below LTV peeps.

PS I had my letter which also doesnt mention a flexible amount, just that its been changed from X to Y from the 9th Oct.

easilyamused

Thanks to all those who've replied.

Those whose letters don't mention the flexible payment - have you made any overpayments at all?

I wonder if this is why we've got it in our letter as I rang up to ask about making overpayments and they asked if I wanted to use the overpayments to reduce the monthly payment or to reduce the amount of the loan, and I plumped for the latter. We've only overpaid once so far, but I wonder if they've now given us the option to automatically overpay each month instead of drop down to the lower interest rate repayment?

maveli

No I never overpaid. there are saving accounts which give more than 4.73 % I pay for the mortgage

Gazmond

manikm wrote: »

what offer was that - ive just completed on the .79% above BOE rate.

90% LTV remortgage offer has been gone for at least a week - its only been advertised to 75% or below LTV peeps.

PS I had my letter which also doesnt mention a flexible amount, just that its been changed from X to Y from the 9th Oct.

Until this morning, they were offering 0.94% above BOE rate on 90% LTV mortgages.

manikm

Gazmond wrote: »

Until this morning, they were offering 0.94% above BOE rate on 90% LTV mortgages.

mortgage or remortage?