Hsbc fee free tracker mortgage

Happy_Saver

My current deal with Nationwide is coming to an end so i have started looking at new deals. HSBC fee free tracker deal seems to stand out from the rest. Anyone got advice on whether this is a good deal or not? Although it says fee free i read that there are still legal fees to pay. How much are we talking about for legal fees?

Thanks in advance on my 1st post being a newbee.

Thrugelmir

Which HSBC interest rate are you considering ?

The rate you will pay with the NW on the SVR is 2% above base. Providing you remain on this mortgage.

dimbo61

you need to check if your mortgage reverts to the NW BMR which is 2% above base so 2.5% or the SVR?
If its the BMR why not stay on that! ans save the legal costs

Happy_Saver

Current deal reverts to nationwide SMR (3.99%). HSBC deal i have been looking at is 2.29% (B of E rate + 1.79%) as LTV rate is 30%.
Legal fees amount to transfer would help in decision making ???

dimbo61

You need to ring them up and ask but thats a good deal ( my brother is on it) but dont forget its a tracker and rates will start to rise so overpay if you can

Catslovelycats

I'm with HSBC
not sure of the name of the deal but might be the one you refer to
I pay 1.94% for 2 years then 3.99% thereafter
obviously changes according to the base rate

allows overpaying 10% for the 1st 2 years and no OP penalty after that

you can access the account online and interest is added monthly
i'm really happy with it & CS were always helpful with queries and paperwork done v efficiently - especially given my details changed when i pulled out of a purchase
am 11 months in, started it Feb last year
HTH

Happy_Saver

Thanks Guys for your response.
Gave HSBC a quick call to ask about legal fees and they said that they would be taking care of those and also arrangement fees. So the girl told me "it won't cost you anything". Music to my ears i said:rotfl: So i think i will be moving to HSBC. Hopefully, as its a tracker, the B of E base rate doesn't change much and it will be a good deal. Now have to decide on length of deal ??? Have got 12years left on mortgage so whats the general concensus ??? 2, 3, 5 or term ???

Catslovelycats

Happy_Saver wrote: »

Thanks Guys for your response.
Gave HSBC a quick call to ask about legal fees and they said that they would be taking care of those and also arrangement fees. So the girl told me "it won't cost you anything". Music to my ears i said:rotfl: So i think i will be moving to HSBC. Hopefully, as its a tracker, the B of E base rate doesn't change much and it will be a good deal. Now have to decide on length of deal ??? Have got 12years left on mortgage so whats the general concensus ??? 2, 3, 5 or term ???

I don't know an awful lot about these things, but I'd have thought you're better off going for the shortest term you can afford, allowing breathing space for if/when rates go up of course:cool:
I'm sure others here will be able to give you more knowledgeable advice.

V.Lucky

Happy_Saver wrote: »

Thanks Guys for your response.
Gave HSBC a quick call to ask about legal fees and they said that they would be taking care of those and also arrangement fees. So the girl told me "it won't cost you anything". Music to my ears i said:rotfl: So i think i will be moving to HSBC. Hopefully, as its a tracker, the B of E base rate doesn't change much and it will be a good deal. Now have to decide on length of deal ??? Have got 12years left on mortgage so whats the general concensus ??? 2, 3, 5 or term ???

That product looks like a lifetime tracker, so you don't need to choose a term.

The_White_Horse

i am concerned that too many banks are pushing trackers - like they know the rates are going up.

uzubairu

No fees, 2.29% instead of 2.50%, unlimited overpayments and no exit fees.

It's a good deal and costs you nothing to save a little bit more.
When rates start to rise you can change quickly, just the same as if you were with the Nationwide, but in the meantime you would be paying 0.21% less interest each month.

We are on a tracker at the same rate with First Direct (part of HSBC) and it is perfect for us.
Overpayments are saved elsewhere at a higher rate, and will be put into mortgage when rates rise.