HSBC - Renegotiating Loan

socrates

martinsurrey wrote: »

My guess is that you are confusing different things and once HSBC and FSA get together HSBC will be correct.

The FSA regulate consumer mortgages with one set of guidelines (very tight requirements), but regulate the whole of the bank under other sets of regulations.

The capital requirements the FSA impose do in fact apply to unregulated (commercial) loans as well, and the capital requirements are getting tougher (fact)...

So the letter is factually correct.

You may well be correct but at least I will get an official answer

Thrugelmir

socrates wrote: »

It seems the FSA are very interested to know why HSBC are issuing letters quoting them as a reason for whatever on an UNREGULATED product

Banks pay levies to the FSA based on transactional activity (£'s). In recent years the cost has escalated. So banks need to recover the cost.

There's only one place to obtain it from.

socrates

Oh well....

The conversation has been had - 0.25% negotiation so now 4.0% over base - so total 4.5%

No fees in or out - and for another 5 years

Take it or leave it!!

Thrugelmir

socrates wrote: »

Oh well....

The conversation has been had - 0.25% negotiation so now 4.0% over base - so total 4.5%

No fees in or out - and for another 5 years

Take it or leave it!!

With base at .5%. Then not unreasonable.

socrates

Thrugelmir wrote: »

With base at .5%. Then not unreasonable.

And they know the costs involved in switching - however the minute I can move (for a reasonable amount) I will!!

Thrugelmir

socrates wrote: »

And they know the costs involved in switching - however the minute I can move (for a reasonable amount) I will!!

So you expect to obtain a better rate?

socrates

Thrugelmir wrote: »

So you expect to obtain a better rate?

Not today - but any time in the future - whenever that is - just for the way they replaced my lifetime tracker with a 5 year option and never had the main points of the paperwork highlited

socrates

Is there a mortgage calculator I can use?


HSBC are quoting the following:

Loan outstanding £219,674.00

At 4.5% over base on an 18 year term - it is coming out at

£1978.38 per month for a part repayment - part interest mortgage

kingstreet

socrates wrote: »

Is there a mortgage calculator I can use?


HSBC are quoting the following:

Loan outstanding £219,674.00

At 4.5% over base on an 18 year term - it is coming out at

£1978.38 per month for a part repayment - part interest mortgage

If you want it checking, we need to know the size of each component, capital and interest, and interest only, which make up the total sum you've mentioned.

socrates

kingstreet wrote: »

If you want it checking, we need to know the size of each component, capital and interest, and interest only, which make up the total sum you've mentioned.

Will get back to you once I have the answer - thanks for your prompt reply