HSBC - change product - positive experience

arif50

I wanted to share a note about a positive experience I just had with changing the product for my HSBC mortgage. I was looking to re-mortgage and move to another provider after my 2 year fix-rate had finished. My original deal was a 90% LTV product. I had made overpayments and felt the property value had increased and so wanted a better rate and looking for a lower LTV ratio now.

I spent a lot of time looking at deals with other lenders and totalling up all the fees associated with moving a mortgage.

With HSBC I found that my online mortgage account had an option to review products I could move to. The entire process (without advice) of seeing what products I was entitled to, comparing them, selecting one, and confirming and moving the mortgage on to the new product was complete within about 10 minutes all done online.

One feature I enjoyed a lot was HSBC showing the LTV for me - by taking what I owed already and then using a valuation of the property instantly. I'm not sure how they calculated this, but it is in line with the increased property valued I had estimated. A note said the valuation was using their latest valuation on the property plus 'indexing'. I had thought I would have to pay for a re-valuation of the property as part of any change in product or porting of the mortgage - but this was not so.

Once accepted the product was changed immediately and within 15 minutes I was able to see my online mortgage account reflecting the change in product.

I'd be quick to post on here if I had a negative experience, so wanted to share a positive one for once!

densol_2

Thats good ! I had a similar experience with Nationwide computer increasing my value by 100k in just three years from the valuation done officially in 2011 - made my LTV just under 50% so I got a great deal - and done in about 10 mins too. No questions about affordibilty either