HSBC home buyer variable rate mortgage

tiredeyes

Just rang HSBC to find out if my 75% LTV mortgage could be moved onto a better rate.
I am on 5.49% fixed for 5 years. It finishes in June 2010.
I went through a few things, and we spoke for around 5 minutes, then he said “do you know you are due to go onto out hsbc homebuyer mortgage variable in July 2010 deal!” i said “whats that?”
he said “when your last payment of xxx goes out on 1st of June which is at 5.49%, your next payment in July 2010 will be at our price promise of 1% above BoE rate, which would be 1.5%, as BoE rate is 0.5%” I said “NO WAY” he said “yes way sir”
for the life of the loan/mortgage, which is 25 years. :beer:

So my question, how long before the BoE rate goes up to 4.49% ?
Roughly speaking !

VIGILANT22

Do you really expect an answer!?

tiredeyes

Is this is a forum ?
Yes, then if I didnt expect any answers, I would not have bothered to write the question?!:rolleyes2
so if any one has any constructive answers, I would welcome them.

on the 1% above BoE rate, I have another question, does anyone else have this rate and are they happy with it?

_Andy_

Why would they not be happy with it?

tiredeyes

Oops, I forgot today was national ask a question, get it answered by a question day...
aaqgiabaq day
:rotfl:

g_attrill

The current best HSBC lifetime tracker is BOE base+2.09%, so yours is far better. Nobody can tell you what the rates will do, but the general wisdom from people I have spoken to is to stick with a tracker for the moment, and perhaps fix later when the lending situation is easier (cheaper!).