Which mortgage?

helpful07

I sold my house in January and wanted to port the rate....two houses I have previously tried to by have fallen through (one I pulled out of after survey, the other the bank rejected on a non traditional build). HSBC have now said they wont extend the rate for an extra 2 months but as I cant complete on the house I now want due to them owners new home not being completed until August.

Any advice on trying to get an extension with HSBC? It appears that little flexibility on the 6 months.

Anyway, moving forward....I've done an application in principle and am just shopping around for the best mortgage rates.

I'm either looking at a fee free lifetime tracker or possibly a 5/10 year fixed rate.

My current mortgage rate is 1.69 and is a tracker so will increase over time!

anyone want able to offer some advice on the following or others which I might have missed? Seems HSBC are quite competitive.

HSBC lifetime track - 2.69%?
5 year fixed - 2.99%
7 year - 3.69%
10 year - 4.19%

Any thoughts or anywhere else I should be looking for cheaper rates? I've done a quick search but can't find anything any better tbh.

stattman

I've been looking at lifetime tracker rates and HSBC seem about the most competitive (unless I've missed a trick). The way I see it rates will stay low for the foreseeable future and the benefits of a 5/10 yr deal are outweighed by the tracker (with overpayments)...

Good luck
Mark

helpful07

That is much how I see it! Interest rates looks as if they will stay low for a number of years....someone predicted that 0.5 for the next 4 years at least! If I got a 5 year fixed then I would probably be over paying on 4 years.....which doesn't make sense!

It might be that I re-mortgage again in say 5 years time, but the fee free from HSBC seems very attractive in todays market.

Thrugelmir

helpful07 wrote: »

Any advice on trying to get an extension with HSBC? It appears that little flexibility on the 6 months.

HSBC have to apply a time limit. Other lenders offer far shorter time frames.

As your with HSBC already. Then a new product with them seems a good outcome.

helpful07

does anyone believe that 5 year fixed rates will ever be this low again?

I don't think the tracker mortgage has an exit fees, so could potentially sign up to a 5 year tracker in a few years time....

Thrugelmir

Mortgage market may be very different in a few years time. No one foresaw the current situation. Even trackers may be at higher margins above base.