Switching Mortgage

Pavel_S

Hi there,

I'm fairly new to the whole housebuying thing - bought my house in February last year.

I got a £100k mortgage (now outstanding down to £97k) with HSBC - it's a variable lifetime tracker, and is at 2.29% + Base

With my LTV, at the moment HSBC are offering 1.99% + Base until the 6th of february with No Fee.

Is it possible for me to request to effectively take out this new mortgage under offer to replace my old one? My current one has no exit fee. As this one has no fee I cannot see why I *wouldn't* want to transfer to it as all it does is take my interest down by .2% (which might help offset the impending base rate increases!)

Just thought I'd check whether this is possible or done before I go to a branch (none local!)

Thanks a lot,

Pavel

dkmax_2

Pavel_S wrote: »

Is it possible for me to request to effectively take out this new mortgage under offer to replace my old one?

Do you really think that HSBC will be happy to make less profit on their loan to you, not to mention everyone else in a similar position ?

_Andy_

Pavel_S wrote: »

Hi there,

I'm fairly new to the whole housebuying thing - bought my house in February last year.

I got a £100k mortgage (now outstanding down to £97k) with HSBC - it's a variable lifetime tracker, and is at 2.29% + Base

With my LTV, at the moment HSBC are offering 1.99% + Base until the 6th of february with No Fee.

Is it possible for me to request to effectively take out this new mortgage under offer to replace my old one? My current one has no exit fee. As this one has no fee I cannot see why I *wouldn't* want to transfer to it as all it does is take my interest down by .2% (which might help offset the impending base rate increases!)

Just thought I'd check whether this is possible or done before I go to a branch (none local!)

Thanks a lot,

Pavel

Give them a ring and ask.

Thrugelmir

dkmax wrote: »

Do you really think that HSBC will be happy to make less profit on their loan to you, not to mention everyone else in a similar position ?

The conditions of the product require you to have a fee paying current account. So there is a hidden cost which of course can be increased over time.