HSBC mortgage offer only for 4 weeks

Josie_Jump

Hi we have been successful in our mortgage offer for a remortgage with HSBC but they will only allow the offer to remain for 4 weeks as of this week, the date it expires is early May. We were told initially on the phone in the early inquiry stages that it would be valid for 6 months - we wouldn't have started the process if we had known otherwise,

we are in a position as our current mortgage deal doesn't expire until the end of June, therefore if we repay early we are liable to £3000 to current mortgage company.

Do we have any redress with HSBC so we can ask them to extend the mortgage offer? It seems ridiculous that it is only valid for 4 weeks? Is this normal with HSBC?

We don't want to loose this deal as current provider will not have a good rate at the end of the tracker.

Any replies very much appreciated thanks

Thrugelmir

Josie_Jump wrote: »

Do we have any redress with HSBC so we can ask them to extend the mortgage offer? It seems ridiculous that it is only valid for 4 weeks? Is this normal with HSBC?

Market is very fluid. With upward pressure on interest rates. So lenders can no longer hold rates for 6 months.

The 4 week offer suggests HSBC are intending to raise rates across the board in early May.

The_J

Nah I doubt it Thrugelmir, when did you start this process Josie? I thought HSBC were 6 months from the application.

Josie_Jump

Thanks for replies, we got it sorted, it was an error on their side and they are send out another offer.

Thrugelmir

The_J wrote: »

Nah I doubt it Thrugelmir, when did you start this process Josie? I thought HSBC were 6 months from the application.

OP was previously told 6 months. So HSBC may have honoured their word and are issuing revised offer letter.

The_J

People can mishear on occasion.

I think it's actually FD who offer 6 months from application and HSBC 6 month offers.

Thrugelmir

The_J wrote: »

People can mishear on occasion.

I think it's actually FD who offer 6 months from application and HSBC 6 month offers.

With SVR's rising rapidly. My view is that HSBC rates will be moving by end of May at latest.

sabretoothtigger

4 weeks to start and complete a mortgage and house 'sale' seems unlikely in the majority of cases ?
Might it be 4 weeks to start the offer before its withdrawn

Thrugelmir

sabretoothtigger wrote: »

4 weeks to start and complete a mortgage and house 'sale' seems unlikely in the majority of cases ?
Might it be 4 weeks to start the offer before its withdrawn

Only a remortgage.

davenottingham

Josie Jump
I had this exact same situation with HSBC with a remortgage offer that I want to arrange now but take effect in June, avoiding ERC's with my existing lender.
The HSBC offer paperwork came through for signing, stating that the offer was only valid for 4 weeks.
When I queried this on the phone, they clarified I had 4 weeks to accept the offer. Once accepted, the new remortgage completion date must take effect within 6 months.

sabretoothtigger

Sounds like you accept the offer and risk not completing, losing the fees maybe

Thrugelmir wrote: »

Only a remortgage.

If the person holding the deeds changes, I consider that a sale