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Mortgage advice needed please
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Lifes_Grand_Plan
Posts: 1,107 Forumite
Hi folks,
I have suffered the idiocy of HSBC and now need some advice please if anyone can assist:
My 5 year fixed rate ends on 30th June 2011, i.e. next month.
I recently had a letter to tell me this and advise I would go onto the SVR unless I called them. I gave them a ring and said I wanted to go onto a tracker...
Background - mortgage is currently £102,000 ish and house value is £127,000 so 95% LTV.
I want to pay off a lump sum of £13,000 to get under 70% LTV to get the best deal...
The guy at HSBC went through the options based on me paying the lump sum off and sent out the offer document.
When the offer document came it was based on the current outstanding of £102,000 not the amount after lump sum paid off. The offer is also valid until 18th June 2011.
I rang them today to query why the offer document still said £102,000 and they told me I need to pay off the £13,000 first and then the mortgage would be under then LTV. So I queried if the fixed rate doesn't end until 30th June then I can't pay the lump sum off until then or else face an ERC....
They tell me "yes, you either have to pay the ERC or wait until after 30th June"...... but the offer is only valid until 18th June...
So have I basically wasted my time with the previous mortgage offer...
As I see it, I need to wait until after 30th June, send in a cheque for £13,000 to get the LTV <70% and THEN ring them about changing to the tracker....
Is that right? If so, why on earth not tell me this beforehand?
I have suffered the idiocy of HSBC and now need some advice please if anyone can assist:
My 5 year fixed rate ends on 30th June 2011, i.e. next month.
I recently had a letter to tell me this and advise I would go onto the SVR unless I called them. I gave them a ring and said I wanted to go onto a tracker...
Background - mortgage is currently £102,000 ish and house value is £127,000 so 95% LTV.
I want to pay off a lump sum of £13,000 to get under 70% LTV to get the best deal...
The guy at HSBC went through the options based on me paying the lump sum off and sent out the offer document.
When the offer document came it was based on the current outstanding of £102,000 not the amount after lump sum paid off. The offer is also valid until 18th June 2011.
I rang them today to query why the offer document still said £102,000 and they told me I need to pay off the £13,000 first and then the mortgage would be under then LTV. So I queried if the fixed rate doesn't end until 30th June then I can't pay the lump sum off until then or else face an ERC....
They tell me "yes, you either have to pay the ERC or wait until after 30th June"...... but the offer is only valid until 18th June...
So have I basically wasted my time with the previous mortgage offer...
As I see it, I need to wait until after 30th June, send in a cheque for £13,000 to get the LTV <70% and THEN ring them about changing to the tracker....
Is that right? If so, why on earth not tell me this beforehand?
A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
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Comments
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One other thing they mentioned is that they "will be withdrawing some mortgages from the market on 4th June".... I doubt this will be the tracker but what do others think?
One other thing, forgetting about the £13,000 - the offer document I have is valid until 18th June but my fixed rate ends on 30th June.... if I signed and returned it then when would I transfer to the new mortgage?
Presumably straight away meaning again I would get hit with ERC's for leaving the fixed rate mortgage before 30th June?A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.0 -
what is happening on the 4th june0
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what is happening on the 4th june
All she would say was "some of our mortgage products are being removed from the market"......A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.0 -
Mortgage products are changing all the time. With the limited funding at the moment, offers get filled quite quickly and are then replaced.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
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