Portability Query (HSBC Lifetime Tracker)

sarahb

Firstly I know I should be asking HSBC this question and I am waiting for the branch mortgage adviser to call me back on this but wondered if anyone here knew the answer :

I am about to apply for the lifetime tracker in my sole name but am likely to be purchasing jointly with my partner in 12-18 months. The mortgage is portable to a new property but would HSBC allow a second borrower onto the mortgage at a later date ??

Thanks in advance for any help !

lisyloo

In general adding a second borrower onto the mortgage AND property (both loan and deeds will have to match) is advantageous to the lender.
There are now twice as many people to chase if something goes wrong.
The only reason they wouldn't would be if the partner had a bad credit rating.

You will of course have to pay legal fees (a few hundred?) for the legal work.
Any free conveyancing will not include this and you will have to cover the cost.

_Andy_

sarahb wrote: »

Firstly I know I should be asking HSBC this question and I am waiting for the branch mortgage adviser to call me back on this but wondered if anyone here knew the answer :

I am about to apply for the lifetime tracker in my sole name but am likely to be purchasing jointly with my partner in 12-18 months. The mortgage is portable to a new property but would HSBC allow a second borrower onto the mortgage at a later date ??

Thanks in advance for any help !

Yes as long as a) You still meet HSBC's lending criteria and b) your partner also meets HSBC lending criteria.