HSBC switch to better offer after booking fee paid

Kraecki

Hi,

I am currently applying for a lifetime tracker with HSBC.

They called me yesterday and asked for the booking to be paid which I did on the phone.

I checked their website today and saw that exactly the same product has now a £100 lower booking and a 0.1% better rate.

Do you think they should allow me to switch to that cheaper product?

I have not signed the final offer documents so far.

Thanks for your help

_Andy_

Give them a call and ask.

Kraecki

I have done that. Just waiting for them to call me back. I wanted to check what you guys think my rights are...

_Andy_

There aren't any 'rights' as such. I.e you've paid a booking fee for X product. Hopefully they can switch you without a new fee but they're well within their rights not to (i.e. to get you to pay another one)

Kraecki

Yes I thought so . Well hopefully they will be nice to me.

20vt-rs

They are making quite a few changes recently on their lifetime trackers, I re-mortgaged last Aug to a BOE+2.79% (3.29%) and paid a £599 fee for this, the fee free product was at 3.59% overall. Over the course of the last 12months they have dropped their lifetime tracker rates and I have changed them several times.

In hindsight I should have been a bit clever about this and gone with the fee free product last year, but that's hindsight! Anyway, in the last 12 months I have changed rates and am now on a 2.19% + BOE (2.69% tracker) and have always changed to their fee free products. (Same LTV bracket as last year)

I have worked out that it's probably not worth paying a fee just in case you get this situation and want to move again. It's usually takes a couple of years (depending on how much borrowed and the fee) to break even on the fee anyway.

I'd call and ask if they will honour the drop and see if you can get the £100 back, even if you get just the drop in rate it's better than nothing. Ongoing keep an eye on their rates, and swap to fee free if they go any further...

bugbyte_2

Kraecki - how did it go?

Kraecki

No update as of now. They were suppose to call me back but I have not heard from them so far. I will chase them tomorrow and let you guys know.

Kraecki

Just spoke to HSBC. Unfortunately there is nothing they can do. Not looking on their website when I paid the fee now proves to be a bit of a cost but that is life . Thanks for your help though!

bugbyte_2

I know this wont help but N&P allowed me to switch from 2.74 to 2.59 whilst part way through the process and it only cost me 20 quid. Guess I was lucky!