is this a good deal?

albalass

i've applied online (it was two weeks for a branch meeting) with hsbc for a £54,000 mortgage, on a house valued at £107,500. the deposit will be equity in my present house which i've had a confirmed offer on. my ltv is 54%. i've no real savings, just a few thousand towards fees as any extra i've had i've thrown at my present mortgage.

it's a capital repayment lifetime tracker special, ltv 60%, over 12 years, with a £99 set up fee. there are no exit fees and i can overpay as much as i like. (which i really liked)

i'm a bit confused with the rates though and would apreciate any help from folk more knowlegable than myself.
it says

2.29% rate

- the part that says reverts to hsbc variable rate is blank

2.6% overall cost for comparison

£493 illustrative monthly repayments


£436 is the figure that comes up in the mortgage calculators for £54000 at the £2.6% rate for 12 years. i'm confused and would be grateful for any advice. hsbc phoned today but i need to wait until i've had the offer i placed on the house i want accepted before moving on.............which lets me on here to pick your brains, hopefully be reassured it's an ok deal, and maybe be able to get to sleep.....ten to two in the morning and my heads still :rotfl:buzzing.

getmore4less

Lifetime tracker so no follow(reverts to) on rate.

this one?

https://mortgages.hsbc.co.uk/product/A001001559001001562001001565-lifetime-tracker-special

overall says 2.3% APR

I get the payment a £429 for a 2.29% rate so no idea where they get £493 from.

Wh05apk

The deal looks good, payments should be about £433, are you looking at a figure that says "first monthly payment" ? if so that will be for more than a month, as it will include some accrued interest, the figure you are looking at should say "then 143 months at" which should be about £433.

albalass

thanks very much guys, you've put my mind at rest. my backsides making buttons here!

getmore4less, aye, thats the one, thank you for replying.

wh05apk, thats maybe what it is, thank you for your reply also.

i'll make sure i double check everything before i sign, i'm grateful for you help.x