HSBC Interest Only Mortgage

pardal51

hi all,

I am currently on FD Offset lifetime (2.29% + BoE); however saw that HSBC are doing interest only or repayment at 1.49%+BoE with £99 fee for current account holders.

Info I could not find anywhere so was wondering whether customers could comment:

1) Do I need to apply for HSBC Premier account to pay only £99 fee or can it be any standard current account?
2) Is the interest only mortgage a type of offset, i.e., can link current account + savings to offset mortgage?

COmments are much appreciated.

pardal51

bump!! bump!!

dimbo61

Questions to ask the staff at HSBC or ring the mortgage centre.
High income needed to get Premier Account £100K income and or £50K in savings !

scottishblondie

You don't need the Premier account, the "bank account" one with the £500 pay in requirement is the one you want. AFAIK it is not an offset type mortgage - but I am on the repayment one so I'm just basing this on the info in the product summary.

Mokka

I just applied for HSBC mortgage and to cut the fee I've switched my account from FD. I was amazed how easy it was to switch- they transfer all your DDs for you, even tell your employer your new account no- you don't have to lift a finger! Now I am much more happy with my new Current and Savings Accounts.
FD were good with dealing with problems, but as I did not experience many problems this did not earn FD my eternal loyalty. Also there is no waiting period, you can apply for a mortgage at the same time as for Current Account.

I am not aware of interest only HSBC mortgages for home owners- but I wasn't interested in one. I thought interest only was mostly for BTL these days.

kingstreet

Isn't there a high minimum income for interest-only with HSBC these days?