HSBC Premiere morgtage rates for family

peehead20

Hello All,

My Wife's Parents have a premiere account with HSBC and as such any of my Wifes Parents Children get preferential mortgage with HSBC.

Unfortunatley we can not find any info except that they have good rates.

Could anyone please pass on some of their thoughts as to what rates are available and if you've had good or bad experiences.

many thanks in advance.

pentala

It's not preferential rates... Went to discuss with them prior to application, and was told that you get the same rates, but they waive the fees - and it's just the mortgage fee, so you still have to pay valuation fees etc.

Given that HSBC have some products with low rates but high fees, definitely a bonus, but only saves on the up front costs.

They also offer some different products - i.e. buy to let mortgages are only available to premier customers.

originalmiscellany

HSBC are very well thought of here - They are very picky and offer good rates as they are very picky in whom they lend to. Sounds like it would be best to ring up and see what they say in terms of rates/time frames/costs etc.

dumpallhere

https://mortgages.hsbc.co.uk/

Premier customer - Booking fee 299
Ordinary customer - Booking fee 599
Advance customer - Booking fee 399
Special scheme, irrespective of type of customer - Booking fee 1999

All other details remain the same, for all the (FTB) mortgages I have looked at on their website.

billchecker1

Hi. I have a mortgage application with HSBC on Saturday.

Can I not then open a premier account I order to take advantage of the free fees?

My wife has a standard account and an Isa with them already.

Caladan

billchecker,
I don't know why I'm so bored as to be browsing these forums, I seriously need to get a life, but I'll respond:

You need to qualify for a Premier account - At present the qualification criteria is £50,000 in savings with HSBC or a salary of over £100,000 and a regulated investment product sold through on of HSBCs advisers, so no, not an option.

Nevertheless - The Premier Family Mortgage terms apply to STANDARD Mortgages only (not special offers) and result in a reduced booking fee of £299 instead of the usual £599. The rate remains the same.

HSBC is currently running a campaign which means current account holders (such as your wife) can benefit from reduced fees/no fees at all on many of the Mortgages available (again, not including special offer Mortgages).

My suggestion is talk to the representative on Saturday, it will either be a non-advised Customer Services Rep or an Advised Mortgage Manager, probably non-advised which isn't ideal as they're jack of all trades people, but they should be able to give you a decent idea of what you can do.

If it all goes wrong and the person you talk to is a ~ing idiot, send me a private message and I'll contact you to discuss further.

billchecker1

Caladan. Thanks you are a star.

I suppose it would have been a bit cheeky to get an account just for the sake of saving a few pounds on the fees. The mortgage I am hoping to secure is named the 2 year fixed special. So that's out anyway! (3.64 % an amazing rate).

I think that I have already seen the customer rep. Last Saturday I met with someone who took details, gave me an AIP and booked me to see this person who she called a mortgage advisor.

Thanks again. All keep you posted on how I get on!

Caladan

billchecker,
Yes, it sounds like you passed the first "phase" and will now see a fully accredited mortgage adviser.

The 3.64% 2 year is a special (i.e. wont be around for long). Good luck with the app, hope it all goes well, and the info you've given here is good.

billchecker1

So it all seemed to go ok but due to the fact that we are doing 90% LTV she said it had to go to a central underwriting team.

We should have a decision on Friday.

I completely forgot to mention about the four missed payments. It didn't come up and it seemed more of a documents and needs excersise.

Do you think I should email him with an explanation. Whilst I did say at the first meeting, I wouldn't want them to think I was withholding information.

She was impressed with all my spreadsheets and the fact that I had researched different provides and rates. Also she was happy that I had everything to hand. I actually had more documentation than she needed.

The statement problem was solved by Lloyds who simply just printed me out copies.

Caladan

Very positive that it's gone to underwriting, if the missed payments were a major concern it would have been immediately rejected (The system itself will have noticed them and decided it wasn't relevant).

There's no need to tell him about the missed payments, the underwriters will see them when they run their own credit search (don't worry about the fact you didn't mention them - it's really not an issue).

billchecker1

Thanks. Yes I am perhaps worrying more than is needed. I just don't want anything t get in the way.

Will keep you all updated with the result on Friday.