We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage fixed rate ended - advice please...
Comments
-
I disagree with those suggesting you take money out of the ISA. The £248 annual saving (based on your current mortgage rate), is a poor price for surrendering years of tax-free benefits from the ISA. Your mortgage payments and size mean that you're heading towards being mortgage free and so will have even more excess funds than you appear to have now, so you will be able to maximise future ISA allowances, meaning that you'll also get value from keeping those you've already used.
I am on the HSBC product and, as you seem to have discovered, there is no catch. It's a great deal for those who are lucky enough to be in a position to get on it (they are picky). Take that and your mortgage rate is below your ISA rate in any case, at least for the time being.0 -
You're lucky if you get accepted by HSBC or First Direct for the 'market leading' deals they offer.
Have heard from clients who have applied, then been told they can't have the rate they wanted - they are cherry picking so have a back-up plan.:A Born a Saint, always a Saint!I am a Mortgage Adviser
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.0 -
Thanks for replies. I think I will leave ISA money well alone. I took £12k out once before to pay for a car. Now wish I hadn't 'cos that money could have been earning me even more money in an ISA.
I will ring HSBC tomorrow and see if they let me sign up! I'll post again to let anyone who's interested what the end result was.
B0 -
Just in case anyone was interested...
I telephoned HSBC and they gave me a mortrgage offer in principle for the Zero fee tracker mortgage. They said it was zero fee but that I have to do it on a minimum 5 year deal.
This sort of caught me off guard because I was planning, as i have said, paying the mortgage off withing 2 years.
However, being a zero fee mortgage, I asked what would happen if I overpaid continuously each month and paid it off in way less than the 5 years. She said I could do that still and still there would not be a early repayment fee.
So I am having the Key Facts sent to me for signing.
Unless anyone can think of any reason not to?????.....0 -
HSBC seems to be a good deal - let me know how u get on as I'm seriously considering it myself
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards