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HSBC contradictory mortgage terms

edited 30 November -1 at 1:00AM in Mortgages & Endowments
3 replies 841 views
DreamerFTBDreamerFTB Forumite
82 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
I am interested in this HSBC product:

Lifetime Tracker High Street Special
Max LTV: 80%
interest rate: 2.39%
interest rate period: 20 years
Booking fee £1,199

In the website product description, they state:
Pay your mortgage off early: Without an Early Repayment Charge (ERC).

But further down they state:
No exit fee: Many institutions will charge you an exit fee when you fully repay your mortgage. HSBC do not charge an exit fee. Please note, Early Repayment Charges may apply.

I am a bit confused :huh:

Anyone experienced with this product?

Replies

  • ThrugelmirThrugelmir Forumite
    81.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Possibly part of what's written is generic to all product pages. The specific product terms will over ride any general terms.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • Makes sense, thanks!
  • DreamerFTB wrote: »
    I am interested in this HSBC product:

    Lifetime Tracker High Street Special
    Max LTV: 80%
    interest rate: 2.39%
    interest rate period: 20 years
    Booking fee £1,199

    In the website product description, they state:
    Pay your mortgage off early: Without an Early Repayment Charge (ERC).

    But further down they state:
    No exit fee: Many institutions will charge you an exit fee when you fully repay your mortgage. HSBC do not charge an exit fee. Please note, Early Repayment Charges may apply.

    I am a bit confused :huh:

    Anyone experienced with this product?

    Generally Early Repayment Charges only apply to fixed rate deals
    As this is a lifetime trackerthis won't apply to this specific product

    As said above they are generic terms and for that particular product an ERC won't apply.

    Re: the bit about exit fees, these are different to Early Repayment Fees and many mortgage companies do charge them (I got charged it by Northern Rock when I sold )

    Hope that is useful to you
    Thanks to all who post here:beer:
This discussion has been closed.