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is it cost effective to move from hsbc 3% to 2.79%

cv65user
Posts: 145 Forumite
hi i borrowed
51k over 12 years
paying 421 per month back
its a life time tracker at 2.49 + .5 boe rate so 2.99 %
i can over pay and switch to any mortgage apparently.
so hsbc now offer a 2.29 + 0.5 boe = 2.79 % tracker
how much will i save per year if i switch?
51k over 12 years
paying 421 per month back
its a life time tracker at 2.49 + .5 boe rate so 2.99 %
i can over pay and switch to any mortgage apparently.
so hsbc now offer a 2.29 + 0.5 boe = 2.79 % tracker
how much will i save per year if i switch?
0
Comments
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roughly 0.2%X £51k about £100 pa, are there any fees? is it a lifetime tracker as well?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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http://www.moneysupermarket.com/mortgages/calculator/
SAYS payment will go down to 417 . a saving of 4 per month . so 4 per month * 12 months in a year * 12 duration of morgage= so save 576 over the course of mortgage ?0 -
roughly 0.2%X £51k about £100 pa, are there any fees? is it a lifetime tracker as well?
its this one here
https://mortgages.hsbc.co.uk/product/A001003303001003307001003311-lifetime-tracker-special-fee-free0 -
yes no fee and also life time tracker with option to over pay at any point.0
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Looks like a fair deal, im with first direct on a 3.49% fixed interest only for 2 years fee and solictor fee free, i took a punt as i wasnt sure what the interest rates would do, they have been low for so long.
The only downfall is that it is a tracker, if the rates do rise, you will be crying.
Its a gamble, fixed versus the tracker, HSBc and first direct are linked companies, if hsbc are as good as first direct you will be pleased, first direct are fab.
The other cost to factor in when switching is the solictors and survey fees, they can top up a relatively low looking interest rate.Mortgage free in June 2015.Yay!Now Debt free!... well i owe the wife a few quid.....0
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