HSBC Premier preferential mortgage rates

zaksmum

Just had a letter from HSBC saying adult children of Premier account holders can now benefit from preferential mortgage rates and fees.

I have a Premier Account with them, and a daughter ready to purchase a house when the right one comes along. HSBC is her bank too, although she doesn't have a Premier account, and they've agreed to give her a mortgage subject to status when she's ready.

Would it be worth asking about the preferential rates? What level of savings would it amount to, percentage wise?

If there's any kind of saving to be made, however small, it would be very welcome.

poppysarah

Did it not mention the rates in the letter or online?

I think I looked it up when I got my letter

princeofpounds

You should just ask HSBC for indicative rates and compare to the best-buy tables.

I don't know about this specific offer but often the 'relatives' special offers you see around require you to stump up security to secure the package. If this is the case be careful and 100% sure this is what you want to do.

Looking at the HSBC premier website just now looks to me like the interest rates are no different, just the arrangement fee is heavily discounted (though even plain old 'advance' customers get some discount too so I doubt many people pay the normal price).

That might be down to the specific parameters I put into their calculator though. True comparison is hard without your specific information (and that is the job of a broker, so I guess first advice is see a competitive broker and I think MSE have a guide on that).

zaksmum

Poppy sarah, no mention of the rates in the letter.

Princeofpounds, sorry, can you explain please about stumping up security?

Do you mean we'd have to act as a guarantor or something similar for my daughter's mortgage?

G_M

zaksmum wrote: »

Would it be worth asking about the preferential rates? What level of savings would it amount to, percentage wise?

The simple answer is yes, of course! It's always wise to shop around/compare and if they might offer a better rate, check it out.

As others have said, though, make sure you understand the terms and conditions, and compare the deal as a whole to others available.

zaksmum

Just looked it up, can't find any indication of preferential rates though.

poppysarah

I def read the rates somewhere - check the envelope for a leaflet about the rates?

vacheron

Don't get your hopes up too high.

I used to be a Barclays Premier account holder and every (and I mean every) "special" exclusive offer I received could be beaten with a quick internet search of high street lenders. Mortgages, savings, share dealing, insurance, you name it!

Maybe that was just them though.

southerngirl_2

To see the premier rates use the HSBC mortgage finder which will show you all the mortgage products available and under some of these products it states 'HSBC premier customers only'. You'll be able to see the difference in interest rates and booking fees for premier and non premier products. Is that what you're looking for?

zaksmum

southerngirl wrote: »

To see the premier rates use the HSBC mortgage finder which will show you all the mortgage products available and under some of these products it states 'HSBC premier customers only'. You'll be able to see the difference in interest rates and booking fees for premier and non premier products. Is that what you're looking for?

Thanks southern girl. When I looked at the website as you suggested I found the different rates, and so far as I can see the only difference is a reduction for Premier customers of about £100 in the fee they charge.