HSBC contradictory mortgage terms

DreamerFTB

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?

Thrugelmir

Possibly part of what's written is generic to all product pages. The specific product terms will over ride any general terms.

DreamerFTB

Makes sense, thanks!

worriedindebt

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