HSBC used my business account for mortgage app

bylromarha

Currently on 2.99% tracker with HSBC.

Saw their lifetime current account special 1.99% with £99 fee.

I don't have an HSBC current account, but have a dormant HSBC business account which I opened and never used. I thought I'd ring and ask if I could use this instead of a current account.

Turns out I can! Woop!

Wanted to post in case others didn't think their HSBC business account can be used for current account offers.

Morgage_Confused

Thats a fantastic rate and minimal fees. How long do you have to have a current account to qualify? Can you just open one up and apply straight away?

Thrugelmir

Will you incur bank charges in operating a business account?

myk3

FYI those of you who have a HSBC mortgage and meet the 60% LTV but don't have a HSBC current account and want to move to a "current account customers only" mortgage deal. you can simply call their current account setup line on 0800 130 130.

They will do the usual credit checks and then approve your CC their and then on the phone if you meet their criteria. The will then ask you to go in branch with passport/drivers licence and a utility bill/council tax bill. They will then activate the account their and then and give you your sort and acct number. furthermore your account will be visible online along with your mortgage.

Once done call 0845 602 0515 (check say no to 0870 if you don't want to dial 0845). say that you want to move to the 1.99% tracker for current account customers and they will walk you through.

I setup my current account on Monday and on Tuesday had my new rate of the 1.99% life time tracker. So from 2.59% down to 1.99% for a £99 fee (saving me £55 a month). no brainier really.

hope this helps.

Mike

bylromarha

Thrugelmir wrote: »

Will you incur bank charges in operating a business account?

HSBC business account is fee free for the 1st 18 months. I was one of the many who opened an HSBC account when Santander decided their business "free for life" account was going to become fee paying - then changed their minds when shown the error of their ways.

HSBC account is due to be closed next month so no fees are incurred - but Myk3's solution would have been my next avenue to explore had they not used my business account.

A 1.99% rate, with unlimited overpayments and no early redemption fee, for £99 is too good to pass up!

Spangled

bylromarha wrote: »

A 1.99% rate, with unlimited overpayments and no early redemption fee, for £99 is too good to pass up!

BoEBR+1.49% is a fantastic rate, esp for a lifetime tracker. I would jump at it myself if I didn't have three years left on my five-year fixed rate (with prohibitive early redemption penalties).

Before my current mortgage I was on HSBC's BoEBR+1% lifetime tracker and overpaid by loads. Couldn't port it to current property due to change in financial circumstances.

KTF

I thought you might be able to do this just by setting up an account.

I am currently on their BoE + 2.19% tracker but am below the min term (5 years) and the last time I switched my mortgage with them they had to go through the whole lending process again to bring it up to the min term limit.

I will call them up tomorrow and ask if that will be the case this time. Its not really a problem other than takes a few weeks to sort out.

KTF

Having crunched the numbers, including the fee, I would be £6.70 a month better off if I moved to the lower rate.

So it will take just under 15 months for me to recover the fee through the saving and then there would be just over 3 years to run.

Almost doesn't seem worth the bother...