Anyone looking at the HSBC’s RateMatcher mortgages?

jasonmymail

SuzieMum wrote: »

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

You can overpay 20% above your usual monthly mortgage repayment. Anything over this attracts Early Repayment Charges... one downside of this mortgage.

ukclarkkent

jasonmymail wrote: »

You can overpay 20% above your usual monthly mortgage repayment. Anything over this attracts Early Repayment Charges... one downside of this mortgage.

the ability to overpay by <20% is not a downside in my book.

jasonmymail

payless wrote: »

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

Table of their valuation charges is on their website.

Sorry I can't post a link as I'm a new user, but hopefully this will work...

Max Valuation/Valuation Fee

£75,000£123£100,000£133£150,000£153£200,000£172£250,000£192£300,000£221£400,000£260£500,000£319£600,000£378£700,000£426£800,000£475£900,000£505£1,000,000£524£1,250,000£720£1,500,000+By negotiation

jasonmymail

ukclarkkent wrote: »

the ability to overpay by <20% is not a downside in my book.

That's 20% of the normal monthly mortgage repayment, not 20% of the capital outstanding. OK if you prefer to chip away regularlyI guess but not so good if you like to thow lump sum windfalls at it which I've done in the past.

Also the 20% is limited to within the calendar month so you couldn't say get to the end of the year and repay 20% of your annual mortgage payments in one go.

But I agree, for most people this isn't going to be an issue.

sarmia

I like to overpay, but you could put any overpayments aside and if the rate goes up so will the saving rates and then at the end of the 5 years might have a nice sum to pay off when it renewal time.

Are these 5 years from when you sign to start the mortgage or is five years upto a certain date?

ukclarkkent

jasonmymail wrote: »

That's 20% of the normal monthly mortgage repayment, not 20% of the capital outstanding. OK if you prefer to chip away regularlyI guess but not so good if you like to thow lump sum windfalls at it which I've done in the past.

Also the 20% is limited to within the calendar month so you couldn't say get to the end of the year and repay 20% of your annual mortgage payments in one go.

But I agree, for most people this isn't going to be an issue.

all fair points, cheers.

dansep

SuzieMum wrote: »

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?

Go back on the hsbc calculator and move the slider to the left.

When I initially put my figures into the hsbc on-line calculator it said 4.54% with £599;
So I then did the sliding and managed to get the rate down to 4.44% with £599 fee. SAving an extra £6 a month on my £139K mortgage

Also note that only £500 in fees may be added to mortgage. Therefore I have to find £99 booking fee.

jasonmymail

sarmia wrote: »

Are these 5 years from when you sign to start the mortgage or is five years upto a certain date?

My offer is to 31-Aug-2014.

dartilov

Hi

Where does it say you can book and reserve for 6 months? If my mortgage renewal is due 1 Dec 09 can I reserve it now? Thought I had to wait until 1 Sep 09 before looking,

Thanks

SuzieMum

dartilov wrote: »

Hi

Where does it say you can book and reserve for 6 months? If my mortgage renewal is due 1 Dec 09 can I reserve it now? Thought I had to wait until 1 Sep 09 before looking,

Thanks

Unsure of this myself. I just tried to call them for an official quote but they said they are doing call backs within 48hrs now, they also states they are doing these deals for another couple of weeks only! :eek: