Anyone looking at the HSBC’s RateMatcher mortgages?

gavcooper

Looking at this deal with HSBC’s RateMatcher

5 year fixed @ 4.34% until 31.08.2014
£699 fee
Free Legal & Valuation fees
Can be reserved now for up to 6 months start date
No exit fee

blondends

Hi - do you have a link to the HSBC website for this deal?

I am currently progressing with HSBC for a 4.39% 5 Yr Fixed £999 arrangement 75% LTV.

gavcooper

You can use the calculator here to get your rate http://www.hsbc.co.uk/1/2/personal/mortgages/rate-matcher

gowgowuk

gavcooper wrote: »

Looking at this deal with HSBC’s RateMatcher

5 year fixed @ 4.34% until 31.08.2014
£699 fee
Free Legal & Valuation fees
Can be reserved now for up to 6 months start date
No exit fee

Hi,
I'm very interested in this and still trying to do my comparisons/calculations.
Where did you see "Free legal and Valuation fees"? All I can see is "Other fees may apply". I guess this could make quite a difference, especially if you are looking at shorter (2 y) fixed period. I am for the moment hesitating between these and the First Direct ones, more expensive, but they give reimburse legal and valuation fees up to £400 (in Scotland), allow overpayment and offsetting against current and savings account....

Thanks

Philippe

bluebaron

Max Loan £250K i need £280 with 75% LTV so no good for me, good rate though.

jasonmymail

I've got an appointment with HSBC for this Rate Matcher Mortgage tomorrow.

Having trawled 5yr fixed rates for the best part of 2 months (and kicked myself for not taking up Alliance & Leicester 3.99 fee free 5Yr fix at the time) this seems to be the best deal out there if you want to fix for 5 years, borrow >£250,000 and have sufficient equity.

HSBC offer is 4.44% to 31-Aug-14, £599 arrangement Fee, £260 valuation fee, £30 transfer fee. There is a table of valuation fees on their website. I'll need to ask them about the legal fees but they may have been free - can't remember - will update here tomorrow. My LTV is 45%.

Importantly there are no mortage exit fees, and their early repayment terms are less harsh than some other lenders - 1% for each year left on the fixed period and this reduces daily, so if you paid off the mortgage half way through the fixed period then your ERC would be 2.5%, rather than 5% or 3% more common elsewhere.

You are also allowed to overpay 20% on monthly repayments without penalty, which is less generous than say Mansfield or the Post Office which both allow 10% capital repayment per annum.

jasonmymail

***Update***

Legal fees are included in the £599 arrangement fee.

Taking into consideration repayments and all fees this mortgage is about £750 cheaper over the 5 years than anything else I can find.

SuzieMum

gavcooper wrote: »

Looking at this deal with HSBC’s RateMatcher

5 year fixed @ 4.34% until 31.08.2014
£699 fee
Free Legal & Valuation fees
Can be reserved now for up to 6 months start date
No exit fee

Thank you, will be calling them today as sounds great!

payless

Don't believe all valuations are free.. think depends if they can do a desk based one ( ie clearly ok with LTV )

SuzieMum

Desktop valuations are free, (included in the fee), but if it comes back "declined" they quoted £180 for me for a valuation. The deal is one of the best around though, 4.54% with a £699 fee. Definitely the best one I have found for a 5yr fix.

Does anyone know if you can over pay every now and then on these mortgages?

ukclarkkent

i'm glad someone raised this as i am on the brink of doing this...

i'm looking for a £75000 loan based on 75% ltv, 5 yrs fixed cap. repayment. i've got my basic excel skills on the case and come up with this.

it just seems too good to be true esp. as i believe there are no extra fees.

Interest Rate 4.24% 4.34% 4.44% 4.54% 4.64% 4.74%
Booking Fee 1499 1199 799 599 599 599
Monthly Payment 564 568 571 575 579 583
Payments excl. Fee 33840 34080 34260 34500 34740 34980

Total inc. fee over 5 yrs 35339 35279 35059 35099 35339 35579