HSBC porting decision - Scotland

macdonaldo

Hi - we are about to move house from a house in England to a tenement flat in Glasgow. We have a portable mortgage at 2.39 tracker from HSBC. When I rang to ask about porting they claimed that HSBC do not offer mortgages on tenements. I find this staggering - given that it is the main housing stock in Scottish cities. They were foggy on the details as to why this is - and couldn't tell me if it was solid policy. I suspect they are making it harder for me to port - as I had a deal from a year ago that is a very good one. Have you heard that this is a policy? Am I truly to believe that no- one in Glasgow or Edinburgh or Dundee in a tenement has an HSBC mortgage? The flat is valued at £300000 - and our mortgage will be halved as a result of the move. Our LTV is 46%

Best and thanks

Graeme Macdonald
Leamington Spa

pokey128

hi,
we are with first direct and live in a Victorian tenement in Edinburgh, no problem at all porting our old mortgage (from another tenement)
Not sure that helps! Welcome to Scotland!

beecher2

Do you have a solicitor in Scotland? Probably a good idea to run it by them - sounds insane that they'd restrict tenements but HSBC also had issues earlier in the year as hardly any solicitors were on their panel. If it is the case then I think the Scottish media may well be interested.

Thrugelmir

macdonaldo wrote: »

I find this staggering - given that it is the main housing stock in Scottish cities. They were foggy on the details as to why this is - and couldn't tell me if it was solid policy. I suspect they are making it harder for me to port

HSBC are under no obligation to port your mortgage if they don't wish to.

Perhaps its because you are reducing your borrowing requirement in the process that's the issue. As profitability diminishes somewhat on a lower amount borrowed.

rs65

macdonaldo wrote: »

When I rang to ask about porting they claimed that HSBC do not offer mortgages on tenements.

Have a look at this http://www.cml.org.uk/cml/handbook/scotland/hsbc-bank-plc#C3617

5.5.2 mentions tenements and doesn't suggest that they won't lend on tenement flats