Nationwide BMR vs HSBC Lifetime Tracker Special

rich_b

We've got 15 years left on the Nationwide BMR (base + 2%). I'm happy with this variable type mortgage but today saw a deal that actually beats this in the long term - or seems to.

https://www.hsbc.co.uk/1/2/mortgages/products?pcode=A001004470000000000000000000

HSBC are offering a lifetime tracker which is base + 1.49% with a £999 fee. We'd meet the 60% LTV requirement. It's portable and overpayments are permitted.

After two years on this deal we'd break even (made back what the fee cost) and if we kept that deal for the full term we'd save about 8k over our Nationwide mortgage. Sounds good, or am I missing something?

Jimbo1976

I don't think you are missing anything but be aware that HSBC are very picky with who they lend to. So if your financial situation is complex, if your mortgage goes beyond 65 or if you have an interest only loan then you will probably be declined by them.

The link also doesn't seem to explain if you need to pay for a valuation and conveyancing. Beware if you are close to the 60% LTV level then there a danger that if the surveyor thinks your property is worth less than you do then you won't get a 60% rate.

Thrugelmir

Are you an existing HSBC customer? Do you have a joint income of £75k? How much do you want to borrow?

HSBC are after profitable customer relationships when they offer mortgages. Quality over quantity.