Is this the best fixed rate around?

rooban

Hi,

Can anyone out there better the below mortgage rate offered by HSBC? If so the contact me back with details please. Appreciate the help

5 years Fixed
3.94% Booking Fee - £99
LTV - 60%


or
2 years fixed
2.89%

Thanks
Rooban

:beer:

beaford

Sounds too good to be true. I am looking to remortgae and saw this one from this site and others. Phoned up as the on line calculator was not working. I said ' we would like to remortgage please, joint income of £40K, 2 dependants, £8K loan, house value is £300K and amount to borrow is £86K...Please!!'
reply.............
sorry - the max we could lend is £62K as you have a £8K loan and 2 dependants.

Hard to believe.... if this is how the goal posts have moved I fail to see how those on lower wages will fair.

I wonder if Martin would be interested in this???

Good luck anyway


Dave

betmunch

Just out of interest, why would Martin be interested in you not being able to get that mortgage?

beaford

I thought he might be interested in the fact that I am only allowed to borrow 1.5 times salary. Personally, I have other offers as well as the one with A and L/santander so I am Ok but if this is indicitave of how tight the lending is becoming I fail to see how First time buyers on average salary will every buy at the present market conditions.
It was not a plea for help but perhaps a pointer to how hard it is to get a mortgage/loan
Dave

betmunch

Sorry Beaford, I still dont see how this would make Martin take any action.

You were not offered as much as you wanted. Thats where it begins and ends.

If you cant get enough money from a lender you go to another one, which is exactly as you did.

dimbo61

Yea a 5 year fix at less than 4% is a very good deal but they can pick and choose who they want with only the best credit score and LTV
So Good luck

rooban

Thanks guys. yes I do have a very good credit history when i checked 2 months ago with Experian. I got 999/1000 which was the best you could get. Hopefully things will go ok.

STAR_BUCK

I managed to secure the Brittania 5 yr fixed for 3.99% (don't think this is available anymore). Was a bit gutted when I saw the HSBC one as the admin fees are also lower. However a significant difference for me was the fact I can overpay 10% of the prevous yr's balance with Brittania whereas HSBC only allow a certain % of the monthly repayment which is a bit rubbish.
I would second the credit rating, it has to be impeccable. Luckily we doen't have any debts so were able to get the brittania mortgae, but they have tightened up lending significantly

luckyfool

Depends on the size of mortgage you are looking for as well. I am aware of at least one 5 yr fixed rate as low as 3.69% and 2 yr fixed as low as 2.79% though fees are higher on both.

STAR_BUCK

yes INGDIRECT have released a new 5 yr mortgage for 3.69% but the product fee is £1945 and LOAN to VALUE IS 60%. Wonder if any other lenderd are going to follow suit?

devon123

I spent 40 mins going through the application on the phone with HSBC yesterday.

The ERC is a funny one though. The calculation is 1% of overpaid to date x 365 divided by the days remaining of the fixed term. SO, quite a lot then if you intend to overpay! You can only ovrepay by 20% a month as well.

I will only pay £99 as well as they pay for all legal fees/land reg etc as I'm not borrowing any more. Result!!