Have HSBC fixed mortgage 3.29%, now 2.49%!

LONDON_SMOGGY

Help please, first time buyer just purchased a property, we literally completed last week and agreed on a mortgage rate of fixed for 2 years at 3.29% initial £999 booking fee expecting interest rates to not go any lower, however almost immediately it looks like HSBC have now brought out a 2 year fix at just 3.09% initial rate with £999 booking fee and 2.49% £1499 booking fee!

Guessing there is not much I can do about this now it has changed for the worse!

Is there any good site I can check to measure both interest rate for UK and standard mortgage rates? Something which tracks the rise and fall over time?

Landofwood

Isn't it annoying when you buy a cup of coffee one day, and when you go there the next day they've got a 20p off promotion and they don't refund the coffee you drank yesterday? I hate that

big_mortgage

I was in the same situation 2 years ago. HSBC then changed their rates and booking fee from £1499 to just £99 and with a lower rate. :mad:

Nothing I could do. However I did change to the lower rate (and paid another £99 to do so as after 3 months I would have broken even!)

It was all simple to do over the phone, if you wanted to stump up another fee!

pharmice

I got 2.29% with RBS fixed for 2 years at 76% LTV with no fees.

Westminster

Well I'm sure HSBC will allow you to change to the cheaper fixed mortgage as long as you promise to increase your payments when the rates go up ....

LONDON_SMOGGY

yeah we had 90% LTV so not the best rate in comparison would have loved ot have 20% deposit. We are not scheduled to make first mortage payment until 1st of October I don't think they will change will they as we have signed and already agreed the 2 year fix at 3.29%.

On a 25 year £315,000 borrowed

We paid:
£999 booking fee and get 3.29% (£38,007 for 2 years)

Their new options are:
£1499 booking fee and 2.45% (£35,243 for 2 years)
or
£999 booking fee and 3.09% (£37,191 for 2 years)

GoldenShadow

Just bad luck. We went for a 3.73% 3 year fix with Natwest, sale fell through. Now they have a 5 year fix at 3.73% which we have just switched to for new property. They will go up at some point, this is why we have hedged our bets for 5 years as we were prepared to pay 3.73% so why not for another 2.