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Fee free HSBC mortgage
Engeroosi
Posts: 493 Forumite
I am currently on an HSBC fee free lifetime tracker, I now have a lower LTV than when I got this mortgage due to overpayments and HSBC have a fee free lifetime tracker at 0,2% less than I am currently on, would I be able to transfer to the lesser rate mortgage at no cost seen as its fee free?
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Yes you would (I have done this before), just call the HSBC service centre and providing they value your property the same it should be fine. They may do another search based valuation so it could be up or down from before as things do change.Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!0 -
Would I have to go through the whole process of applying again?0
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Do you have HSBC internet banking? If so you can switch your mortgage product online very simple although if you need to have new valuation may be a little more complex. I would phone up and book an appointment with one of their mortgage advisors. They have appointments on Saturdays too although may not be at your nearest branch.
Good luck.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0 -
Would I have to be taking the mortgage of same amount and same period?0
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Yes I do have internet banking, will check this out when I get home. Every little saved is better in my pocket. Only 0,2% but still0
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Would I have to be taking the mortgage of same amount and same period?
Doing it all online you would but if you go see an advisor you could see about changing the terms.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0 -
If anything I would be looking to reduce the term. I look forward to checking this out, over the term it would save 1600 I think0
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Many of HSBC mortgages have unlimited overpayments so no need to reduce the term but if you want to I'm sure you could. We did once when moving to a fixed rate product with limited overpayments.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0
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Keep the term the same and then just overpay if you can.0
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Yeah thats what I currently do, prob be a good idea to keep it that way.0
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