HSBC Lifetime Tracker - .79% above base! - PORTING IT....

manikm

Hi guys.

I am going to be moving, in about 6 months time and looking at properties, and currently on the best mortgage ever - it was the HSBC lifetime tracker at .79 above base rate.

My house is now worth about 250K and im looking at properties with my girlfriend of about 400K - i have 130K left on my mortgage.

Now - in my mortgage KEY FACTS, it states that the mortgage is "portable"

However, I have read that i am obviously a non profitable customer, and HSBC would probably not honour this as the banks are trying to wriggle out of these deals, as the interest rate is currently SO LOW (but not forever, hey!)

Is this porting, a legally bound statement, or is it purely a best endeavours \ at their discretion type agreement.

should i arrange a meeting with HSBC to see what they say - if so, what tactics should i use? is there a way to go in, which would give me a better chance of keeping my deal and moving it to the new property?

thanks a lot guys!

Seabee42

I do not know about legally bound but I had a mortgage tracker 1% above base with HSBC via first direct and was able to port it, (note I did not increase the amount borrowed over the initial mortgage agreement). Good luck.

kingstreet

You are taking out a whole new mortgage and that is subject to status, criteria and valuation.

If the new mortgage is granted, you will be able to port the rate from the old mortgage to the first part of the new one, with any increased borrowing offered on one of the lender's new products.

Hence, being able to port is not a contractual right if the lender is not wiling to lend to you again.

manikm

ok, thanks all.

i guess a meeting with HSBC as soon as, is the way to go.

:j