HSBC Remortgage

Dalmations

Today (31/10/08) is the last day of my RBS discounted mortgage. We live in the East Midlands and I currently owe £106,000 with 13 years left and the house is worth a realistic £190,000.
I have (at last :rolleyes: ) been offered a mortgage with HSBC. It is a fixed rate of 5.79% over 10 years with a £1,000 fee. All valuation and solicitors fees are included.
All I have left to do is pay the £1,000 over the phone and we're off and there's no turning back.The repayments will only be £8 more than I was paying this time last year so I can afford it and I understand the safety of being secure for the next 10 years.
So...... the questions I am asking is, before I take the final plunge and go with it is - should I or should I wait for better to come along? (remembering that greed is and want is likely to repay you with negative results).
And, is it a good offer?
My only concern is I honestly feel that next year there is likely to be even more bad things happen due to there not being any America elections (as we all know they try to keep thing 'nice' to get your vote. as it is still been bad :eek:).

Any comments/advice?

Regards,

Dalmations

Peelerfart

I can't comment on deals available , I'm not an advisor but (In my opinion, of course) if you're happy with the deal and a fixed deal is important to you then go for it. I have a tracker with HSBC and they have, so far, been fine.

Can see your point about things getting worse only time will tell.

One more thing though "pay the £1,000 over the phone "

OUCH THAT HURTS!

minimike2

You might want to take a look here:- http://www.skipton.co.uk/mortgages/fixed_rate_mortgages/10_Year_Fixed_Rate_Mortgages.aspx


This does not constitute mortgage advice.

herbiesjp

There are cheaper 5 & 7 year deals as well, if you are not too sure with the 10 year fix.

I have been getting emails advising of fixed rates going down slightly - now whether this is the start of a long term trend, no one knows. However, if interest rates get cut, and I emphasise IF, then it may start to bring back some long awaited confidence to lenders and we could start seeing better rates being offered

minimike2

Yep...Abbey cutting thier rates......Might see other lenders follow suit.

smileyfly

Don't rush into anything - in the US they reciently cut interest rates and the UK will follow soon - stay on your current rate - I feel that by early next year you should be able to get a deal as good as 4.99 % for the amount of capital you have in your house.
When Japan hit a period of recession a few years ago they cut interest rates to 0% to stimulate growth and it worked, so I'm sure the bank of england will do something similar (make a few more cuts!!!)

guli

Why not go for HSBC special?

5 Year Fixed £999 5.59%LTV <60%