2.49% lifetime tracker with first direct?

bhindi

I was just about to set in motion a 2.49% tracker lifetime mortgage (8yrs) fee free, with HSBC, and then thought as First Direct is who I bank with are also linked to HSBC maybe it was worth seeing if they have the same deal. The advantage for me, is that I have all dealings under one roof, and that with a bit of luck it would go through quicker, which due to personal reasons would be a real added bonus.

I called & was told they do have a 2.49% & so I am now waiting for a 45 minute telephone appt with them.

However in the mean time I have googled to confirm that they have it but cannot find any record of a matching deal.

Does anyone have the means of confirming or not if they do please???

alleycat`

Fee free tracker on a 65% LTV.

--
Tracks the Bank of England Base Rate Plus...
2.49%
--

On the first direct website?

bhindi

alleycat` wrote: »

Fee free tracker on a 65% LTV.
--
Tracks the Bank of England Base Rate Plus...
2.49%
--
On the first direct website?

So I take it you are confirming what I fear, .. that First Direct are not doing a final rate of 2.49% ?

alleycat`

I suspect it comes down to not understanding what you've said to them.

The way it reads is that you've asked if they have a 2.49% tracker.

That is exactly what first direct offer 2.49% tracker + base rate.

The HSBC one is a 1.99% tracker (which currently is 2.49% inclusive of Base Rate).

Semantics

Edit:-
O and the 2.49% rate HSBC offer is not a "final rate" it is a base rate tracker and it can, and at some point probably will, move.

bhindi

Thank you for clarifying...

It is the base rate that is going to move though, not the hsbc rate I take it?

Sorry I do my best to understand this world, but I struggle.

If it were you, would you choose a fix at 3.99 or risk this tracker rate. (I fully accept that you can't recommend ) but your input would be valuable.

Money is very tight at the moment, and redundancy risk high, but at either rate, the mortgage will be paid as a certainty even if OH is made redundant.

In the past we have always managed to overpay substantially, but thats not an option right at the moment.

We have a debt of £40k over 8 years, (been a fan of fixed rates in the past, and want to come off a 4.99% deal, thats early repayment charge free at the moment, Nram) (ltv is 22%)

Any help would be very valuable.

thanks,
Claire

jaysb

good luck - i tried HSBC and they only offered me 1.2x salary on a 33% LTV, and thats with a good credit score. But now remortgaging with Nationwide, who have been excellent to date !

Let me know if anyone manages to actually get the HSBC tracker

inkiboo

jaysb wrote: »

good luck - i tried HSBC and they only offered me 1.2x salary on a 33% LTV, and thats with a good credit score. But now remortgaging with Nationwide, who have been excellent to date !

Let me know if anyone manages to actually get the HSBC tracker

HBSC offered me 2.5x salary on 20% LTV (and currently it is 1.89% + base).

jonas123

alleycat` wrote: »

Edit:-
O and the 2.49% rate HSBC offer is not a "final rate" it is a base rate tracker and it can, and at some point probably will, move.

What exactly do you mean by this? I thought it was a lifetime tracker, i.e. 1.99% + base for the term of the mortgage?

Amy56

jaysb wrote: »

good luck - i tried HSBC and they only offered me 1.2x salary on a 33% LTV, and thats with a good credit score. But now remortgaging with Nationwide, who have been excellent to date !

Let me know if anyone manages to actually get the HSBC tracker

Now I am stressed!!! We are currently waiting to hear from HSBC for a remtg to this tracker.

We have a 59% LTV and it would be 2.8 x DH's income (2.2 x joint income) - We also have an excellent credit score, so I thought it was not a problem. But now I am hearing more and more people being turned down for apparently no good reason by HSBC and I am getting nervous!!

Morgage_Confused

its plus the base which is currently 0.5%.

the base will go up at some point. although it may be some time till that happens but it can only go one way.

so yeah its base plus 1.99% for the term....but plus what is the real question.

its a good rate.....and a good product if you can get it. its fee free with no tie in period. so take the product and be ready to switch if the base starts to look like its on the climb.

jonas123 wrote: »

What exactly do you mean by this? I thought it was a lifetime tracker, i.e. 1.99% + base for the term of the mortgage?

bhindi

Does anyone know if you can claw back overpayments or take out a holiday break if you are overpaid?

I am planning on going on this HSBC deal but havent seen these options mentioned, and they would be nice perks if they are available.

Thanks