HSBC lifetime tracker, can anyone beat this?

danzx2

Hi,

I'm looking at moving to HSBC lifetime tracker at 3.99% with zero fees.

85% LTV

Are there any better lifetime deals about?

Also my wife will not be returning to work to look after both of our children. She is currently named on the mortgage but wouldn't be on the remortgaged one. The house is in both our names. Are there any issues with this?

Thanks in advance.

Dan

Wh05apk

Who are you with currently, as 3.99% lifetime tracker as a long term option looks pretty lousy, ok at the moment at 85% ltv its not bad, but a margin of base + 3.49% is horrendous, you may find your current lenders SVR is not too different, so I would suggest sit on it, until your LTV drops a little, or deals improve. At 85% ltv, there are better rates available.

Also why are you removing your wife from the mortgage?

danzx2

Wh05apk wrote: »

Who are you with currently, as 3.99% lifetime tracker as a long term option looks pretty lousy, ok at the moment at 85% ltv its not bad, but a margin of base + 3.49% is horrendous, you may find your current lenders SVR is not too different, so I would suggest sit on it, until your LTV drops a little, or deals improve. At 85% ltv, there are better rates available.

Also why are you removing your wife from the mortgage?

Currently with Standard Life. Fixed ends and goes to their SVR which is 5.54%, it was 5.49% before so not drastically different. We took out a 95% mortgage with them in 2007. I just called them and they are no longer offering any products to existing customers.

On some calculators with my wife listed with £0 income it drops the amount they can loan.

It is getting a little tricky now as her parents were going to help us to get a 85% deal, but as some providers look differently at overtime/bonus/oncall on top of salary, just on my wage we are limited who will lend us the 85%...

Wh05apk

If you take your wife off, most lenders will still class her as a dependent, and will reduce the maximum borrowing accordingly to the same if she were named on the mortgage, also to remove her will cost a good few hundred pounds.

With regards overtime/bonus etc, I suggest you speak to a broker, who will find a lender who will accept your pay and lend what you need.

Senior_Paper_Monitor

danzx2 wrote: »

Currently with Standard Life. Fixed ends and goes to their SVR which is 5.54%, it was 5.49% before so not drastically different. We took out a 95% mortgage with them in 2007. I just called them and they are no longer offering any products to existing customers.

On some calculators with my wife listed with £0 income it drops the amount they can loan.

It is getting a little tricky now as her parents were going to help us to get a 85% deal, but as some providers look differently at overtime/bonus/oncall on top of salary, just on my wage we are limited who will lend us the 85%...

.... which means if she is not on the mortgage it is a gift from a non family member to you (or) a contribution to a deposit from someone resident in the property (which it is anyway if she gifts her current equity to you) who will not be on the mortgage - all of which sounds many alarm bells for many lenders.

This game is not quite as easy as you might think !

danzx2

I'll get on to a broker as this was already hurting my head.

Thanks for your help

Credit-Crunched

danzx2 wrote: »

I'll get on to a broker as this was already hurting my head.

Thanks for your help

So you wont be going with HSBC then...

danzx2

Credit-Crunched wrote: »

So you wont be going with HSBC then...

You are correct.

I am now dealing with a broker who has found a lifetime tracker at 3.79%.