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a question for the experts....
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ellives
Posts: 635 Forumite
One month ago I re-mortgaged from NBC to HSBC onto a fee free tracker.
I now find myself in a position whereby I might move house and significantly increase my mortgage.
Is there any financial implication that I am unaware of IF I was to move from HSBC?
#thanks in advance.
I now find myself in a position whereby I might move house and significantly increase my mortgage.
Is there any financial implication that I am unaware of IF I was to move from HSBC?
#thanks in advance.
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Comments
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Early redemptions penalties that will make you cry I suspect !
Go check your offer letter - section 10.
Porting and adding additional borrowing may be the best options.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Are there any early repayment penalties to pay off HSBC now? Is the HSBC deal portable?One month ago I re-mortgaged from NBC to HSBC onto a fee free tracker.
I now find myself in a position whereby I might move house and significantly increase my mortgage.
Is there any financial implication that I am unaware of IF I was to move from HSBC?
#thanks in advance.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Will HSBC lend the additional funds required?
Largest financial impact if you switch lender may be the less attractive rates on offer!0 -
Looks like HSBC trackers are both portable and penalty-free.
So, you can take a new mortgage with HSBC to buy your new home and have the new mortgage on a whole new deal, or you can port the current rate on to the new mortgage while taking a new rate offer on the extra money you're borrowing.
Alternatively, you can approach a new lender for a new mortgage.
Either way, you'll have to satisfy HSBC's lending criteria and status requirements, or those of the lender you choose to go to for your new mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thanks for this - seems to easy and rather a lot of work by hsbc for nothing if i move quickly.....0
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Though while interest rates are so low. You are building equity for your next purchase by depositing money at a higher rate than you are paying.0
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