HSBC Home Buyer Variable

lavvy123

Hi we took an HSBC fixed rate deal as first time buyers in 1999.
After the fixed term it reverted to the default arrangement tracking 1% over the base rate. This has suited us fine, it went up it went down, we overpaid we had no reason to seek a better deal.

now we want to move.
I look at the mortgage quotes and they are all 5+% fixed deals.
Why would I want that when i have a standard rate tracking 1% over the base (See below - thats 1.5%)

So the question is -
can i port this existing mortgage and move house taking more money.
I dont want fixed terms i dont want fees i just want to track the base rate and pay my bills as i have been for the past 10 years.

any ideas?



Subject:Rate Change Advice ()Date:04 Apr 2009Message:
Following the decision by the Bank of England to decrease its base rate, we have now decreased our mortgage rates.

Your interest rate of 2.00% changed on 3April2009.

The new interest rate is 1.50%, this is our Home Buyer Mortgage variable rate.

This rate change reflects the changes to the Bank of England Base Rate announced last month. Our Home Buyer Mortgage variable rate may vary but we guarantee that your mortgage rate will not be more than 1% above base rate and that we will alter it within one calendar month of any reduction.

TEDDYRUKSPIN

Easy answer.

You can keep the amount at the HSBC cat stardard rate but any new borrowing must be on a new package *i.e. new rate.

lavvy123

Gah!
and ive overpaid down to practically nothing.
Got a good mind to equity release the lot!

I just dont get how they can get away with not offering the 1% tracker rates any more. I can see its not in there interests to do so, but they hold all the keys anyways with the overpriced mortgaged property stock in this country.

Why would I want to take a fixed rate at 5% when the base rate is so low! =

they whole lot of them should be taken outside and shot.

_Andy_

Absolutely - shame on HSBC for wanting to make a profit. Absolutely ridiculous.

michaels

I wouldn't moan too loudly - most of us linked to eh other HSBC svr (didn't the financial ombudsman rule against having multiple svrs a few years ago?) are paying much more over base as they have taken the opportunity to increase their margins wherever possible of late.

Newbird

Most mortgages are portable, check your T&Cs if you can't remember what the deal was...ask the lender what the best way to add to your existing loan is, they may have some good option to keep your custom, just drop out you are considering moving your mortgage and looking for the best deal. Worth a go...

Yes you can still get trackers, but its a case of looking for the best deal.

I'm looking as well now.....don't like fixed either..