HSBC - Renegotiating Loan

bigadaj

Nick_chap wrote: »

Thanks for pointing that out, so HSBC are really looking after me?
So my relationship manager who said in 2009 the renegotiation clause would not ever be used on good customers and the original branch manager who said the clause would never be used as he persuaded me to move the loan from LloydsTSB which was a 20 year fixed rate he even signed my copy of the agreement indicating this.
The loan is 40% of the property values.

So HSBC were looking after me when the same relationship manager arranged a meeting with me a month ago to say that HSBC had changed their policy on this clause and would again seek a higher rate at the ten year anniversary. And would at the same time change the interest only to a capital repayment plus they would like my properties valued regularly. The cost of the valuations would be deducted from my account. The cost of the first valuation is £1500.00 for one property. You are probably right as they are giving me two years notice I saw it as they wanted me to leave as quick as possible and would do everything possible so they didn't have to wait the two years.
When I questioned my relationship manager about what he had said in October 2009 he said " I will deny saying it"
But I guess this is all done fairly and it's just business?

Whenever its business get it in writing. My preference is always to contact people by email as thereis at least a record. Ultimately your relationship seems stained, at which point it is better for all armies to separate.

Gentoo365

Nick_chap wrote: »

Thanks for pointing that out, so HSBC are really looking after me?
So my relationship manager who said in 2009 the renegotiation clause would not ever be used on good customers and the original branch manager who said the clause would never be used as he persuaded me to move the loan from LloydsTSB which was a 20 year fixed rate he even signed my copy of the agreement indicating this.

So you have a signed copy of the loan agreement which was amended to say that the clause would not be used?

If this is true then surely you can simply state that your contract is not the standard contract, and therefore the clause cannot be used.

I am sure that this person did not have authority to change the contractual terms. However they did, and on that basis you signed the contract.

I think you have a get out here.

socrates

I can tell you now it is not worth it with HSBC - there is zero movement or negotiation

Best way is to do what the Japanese do - 'vote with your feet'

Find another lender and move on