Dodgy advice from moneysavingexpert

JamesT81

Was anyone else surprised by the recent email from MSE advertising their comparison the gist seems to be by moving from your bank to earn MSE commission you can save thousands on the SVR. So if you are with HSBC they compare a 3.94% to a discounted tracker of 1.44% plus £999 fee on 65%. Except:
- a discounted rate is not a real tracker
- why pay a fee for a rate which reverts to an extortionate rate after two years
- why take the SVR when you only owe 65% of the property value anyway
- finally the calcs were out, although not materially


Personally I think the sensible advice is to ring up and get a better deal from HSBC and get there fee free mortgage (on 70%)
- won't revert to an extortionate standard variable rate
- less hassle
- portable if things change
- won't pay MSE commission


Obviously you may save more from moving but if you are on an SVR then you don't micro manage these things and shouldn't be moving to something that reverts to SVR anyway. Better move to something that will save you money long term., rather than trying to catch you out.

Let_Us_See

No.

I would be surprised if 50% of information within MSE was correct.