HSBC Lifetime Tracker Special Fee Free

KTF

I am currently on a Halifax fixed rate (5.79%) until October 1 2012. Based on the last mortgage statement (October 2011) the ERC is £770 for changing then so about £64.17 per month remaining plus whatever fee they charge for the exit - I think the one for the previous Halifax mortgage was £95.

Since Halifax have increased the SVR to 3.99% I have been looking around to see what other deals are available and also to see if its worth switching early.

My LTV is 30% (45/150) so have been looking for a fees free deal and the HSBC Lifetime Tracker Special Fees Free (2.69% at current BoE rates) seems to be the lowest available at the moment.

I have been over paying and keeping the payments the same on the new rate will pull it in from 04/2016 to 01/2016 (although in reality it would probably be paid off before that).

I normally do my own research then go to a fees free broker to confirm that my sums are right and on the off chance that they can secure something better but the HSBC deal looks to be unbeatable to me unless anyone knows better?

This deal has been around for a while but I cant see it still being available in October when my fix ends so for £500 (or less for each month I wait) is it worth making the jump now or waiting until October?

I realise that rates wont be this low forever but it will take a good few increases on the BoE before it gets up to what I was paying before and if I wait until October then the HSBC product might (will) have been pulled.

Any thoughts?

Sparkle_66

Have you spoken to HSBC as you can usually arrange a mortgage 3 - 6 months in advance meaning no early repayment charges. I did this when my fixed rate was coming to an end in April 2011. I started shopping around in Dec/Jan. Had my mortgage approved & paid the booking fee in Jan/Feb for the mortgage to start in Apil as soon as the fixed rate ended. I re-mortgaged with HSBC but took out another 5 year fixed rate.

KTF

Thats a good idea. I forgot that most lenders can let you book something up to 6 months in advance so I will give them a call tomorrow and ask as there is no fee so wouldnt cost me anything to do that.

KTF

All sorted over the phone. After 2 days of trying to get hold of them via the 0800 number and getting routed to the overflow department I used the callback option on their site and got a callback the same day.

Took about an hour to sort out but its been approved with a start date of October 1. Paperwork in the post.

No fees involved at all so if something comes up in the interim I can consider that instead or have this as a fall back to avoid the Halifax SVR if not...