Loss of 1% HSBC lifetime tracker...

Gorgeous_George

Good luck Markyd.

What annoys me is how much we so-called professionals. Whether it's a mortgage broker, solicitor or valuer, it seems to be a complete waste of money as they fail to make the mortgage clear, fail to highlight the small print and get the house value completely wrong.

Money for old rope.

GG

VIGILANT22

Maybe a lesson here, people shouldn't assume that the same facilities/conditions will remain in place when taking out a new deal. I see no reference to a fee being charged, so why money for old rope....I think it is highly likely the OP met with a Customer Services Advisor rather than a mortgage advisor...Sadly it sounds a familar story with banks...

getmore4less

[STRIKE]
So when exactly did you take this new offer what was the new fix rate you say the same rate do you mean 5.19?

Asuming March 08 2 years after march 06 the base rate was allready at 0.5% or 1% at the most.

What did you fix at in March 08?
[/STRIKE]

Got my dates wrong

getmore4less

Markyd wrote: »

Thanks for responses. Have all the correspondence, the original doc referred to 1% offer for lifetime of mortgage for 25 years. The second doc does not mention the 1% guarantee simply that you will pass on to the variable rate. As we were guided by the advisor that the provisions remained the same for the secondary fix we did not see any issue and that the 1% above base promise remained in place with regards to their variable rate. Obviously it appears rather than fixing for two years we have signed a new mortgage. I have read the documents dozens of times over the last few weeks and still believe we have acted as diligently as possible and would never have felt the need to question as were just fixing our rate for two more years with variable so high at the timeand the offer letter wholly supports this. If the offer letter had specifically stated the removal of the 1% promise we would have picked this up but it does not and the guarantee line is simply removed advising that the mortgage will move to the variable rate after the fix.

So you were informed of the change!

[STRIKE]
What did you fix at?

Your variable rate was base +1% so max 2% probaly 1.5% at the time(March 08)
[/STRIKE]
Edit : my dates were wrong.

MarkyMarkD

Base rate was far higher than that in March 2008, getmore4less. The main reductions occurred at the end of 2008.

Sorry, Markyd, but you had two different offers:

- to continue on your tracker rate which at the time was probably about 6% but was always going to be BBR+1%; or
- to fix for two years, reverting to SVR.

The written documentation sounds very clear. You simply misunderstood that "SVR" somehow meant "BBR+1%" which it clearly didn't.

If the member of staff misadvised you about this aspect, you might have an argument, but (a) you can't prove it and (b) the documentation contradicts your claimed understanding.

getmore4less

MarkyMarkD wrote: »

Base rate was far higher than that in March 2008, getmore4less. The main reductions occurred at the end of 2008.

.

thanks, my mistake realised this morning.