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HSBC Mortgage advise

I currently am fixed with HSBC until 28 Feb at 6.79%, I have called and arranged a 5 yr fixed at 4.79% with a £199 BF. I am awaiting the paper work to sign and return, what i want to know is that i have a letter saying i will automatically go on to there SVR which is 3.99% i understand. What i want/need to know is once i have signed the document and returned for the new 5 yr fix will i automatically go on to it, or can i stay on the SVR for six months, then drop on to my fix rate as i understand once the booking fee is paid you have six months. I would like to do it this way as i have the security i require, however if i was to stay on the SVR for six months i could make unlimited over payments and obvious only pay 3.99% as apposed to 4.79%.

Thanks

Comments

  • I think you're right - 6 months to move onto a new deal. I think all you need to do is let HSBC know your plans, e.g. to move onto it in 6 months time and in the mean time you'll follow the SVR, where I assume infinite overpayments can be made.
    Sounds like a sensible idea.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • kier333
    kier333 Posts: 318 Forumite
    Well i am hoping this is the case, just wondered if someone could confirm it as the Mortgage department is closed until tomorrow?

    Can anyone confirm??
  • kier333 wrote: »
    Well i am hoping this is the case, just wondered if someone could confirm it as the Mortgage department is closed until tomorrow?

    Can anyone confirm??

    You really want strangers off the net to confirm a major and significant legal document from your mortgage providers ?

    They cannot do so and you will need to read the small print to find out what your options are and how long you have. Even better to get HSBC to confirm it in writing.

    Also, why limit yourself to HSBC ?
  • kier333
    kier333 Posts: 318 Forumite
    Well is that not the purpose of a forum, to discuss and confirm opinions? I obviously will confirm tomorrow with my lender but was looking for some advice in the mean time!

    And because i am very happy with HSBC, They now value my property at 10% more that i paid for it Aug 2008, and also because i would like there 5yr fixed @ 4.79% 80%LTV. So for me its simple!
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