3.99% variable rate

missis_amber

I've recently remortgaged via a broker and found them great. I've gone for 2.48% fixed for 5 years with HSBC, no mortgage set up cost and free conveyancing. Was really worried about using a broker but it was a really good experience. They'll advise you well but if a fixed isn't right for you then they won't push you on it.

betmunch

boliston wrote: »

I have noticed that many "professionals" seem to be keenest on fixed rate deals often heavily loaded with setup fees and early exit fees.

If that's the best advice then why wouldn't they?


Theres no benefit to the advisor when a mortgage has set up fees and early repayment fees.

kingstreet

boliston wrote: »

I have noticed that many "professionals" seem to be keenest on fixed rate deals often heavily loaded with setup fees and early exit fees.

... and if you are suggesting that somehow we are remunerated more for such advice, you would be wrong.

As an example we receive 0.35% of the mortgage amount on a Nationwide mortgage whether a fee-free, penalty-free tracker is chosen or a ten year fix with a £999 fee.

There is therefore no reason for product bias and ensuring the client gets the best deal for their needs is the best way to;-

get them to come back in future
see them recommend you to their friends and relatives.

marsman802

missis_amber wrote: »

I've recently remortgaged via a broker and found them great. I've gone for 2.48% fixed for 5 years with HSBC, no mortgage set up cost and free conveyancing. Was really worried about using a broker but it was a really good experience. They'll advise you well but if a fixed isn't right for you then they won't push you on it.

Oh really? Do HSBC now work with brokers?
That would be really good if so because I want to lock down my current borrowing on a lifetime tracker in the near future.

monkeydrum

ravingmad... i'm having a nightmare doing this online switch

it started off really great - my partner logged in and we could see all the options, but unfortunately, i don't actually hold a current account with HSBC, i only have a joint account with my partner for paying the mortgage. it warns you that you cannot switch unless both of you have access to online banking to approve the change. i'm trying to sort all that out as we speak (which is an absolutely nightmare. hsbc customer service leaves a lot to be desired) ....anyway, our LTV ratio has decreased significantly since we bought the house back in december 2012. the house value has gone up by around £15k (and that's a conservative estimate) and we've obviously chipped away at our mortgage for almost 3 years. on top of that, we also have £15k of savings that we might be willing to throw in. so my question is, can you go through all these options and possible scenarios when you switch online? or should i save myself the hassle and time and simply skip the online account setup to switch online and simply go in to the bank?

any input appreciated

thanks

Mortgage_Mark_2

marsman802 wrote: »

Oh really? Do HSBC now work with brokers?
That would be really good if so because I want to lock down my current borrowing on a lifetime tracker in the near future.

Selected brokers, yep.

RavingMad

Hi monkeydrum


My wife doesn't hold an account with HSBC either but in order to do the product switch online, we had to get her registered with a HSBC internet banking id. We went into a branch to do and you should be able to do the same using your mortgage account details. I don't know if you can do the switch in branch, but if you find out, do let me know


If your partner has logged on and seen all the mortgage options open to you, you'll already know your LTV as it displays it just under your current mortgage rate as a percentage. This is based on what HSBC have deemed your house is worth not you think it should sell for. You'll only see the products available to you, ie it won't show you 60% LTV products if you only have 61% LTV


You can only choose a different product, there aren't any options to shorten the term or pay off additional amounts. If you are on a tracker, you should be able to make unlimited over payments as normal and then go back to see what that has done to your LTV


You can safely go through the whole process of selecting a new product and getting a mortgage agreement, which is useful as the document contains the exact figure that HSBC values your house. I say safely as you currently don't have the means to actually swap products and the offer expires itself in 14 days, I think.


Hope that helps

monkeydrum

thanks again ravingmad

i guess the only problem with making £15k in overpayments would be my monthly mortgage rate would still be the same, it would just be paid off quicker. i think i might as well put the £15k down when i remortgage. so my plan is as follows...

1. get my wife to login to the HSBC account again and check out all the options based on our current LTV (i can use this info to figure out what HSBC currently think my house is worth)

2. use MSE mortgage finder to compare the HSBC rates against other lenders. i can use the house value worked out from our current LTV in step 1 to do a like-for-like comparison. i will also get quotes from other lenders based on our potential LTV i.e. after adding £15k of savings, for example

3. armed with this info, go to see the mortgage advisor at the local HSBC branch and see what they can offer

does that sound like a reasonable approach? any other suggestions?

thank you

pjread

If you're near an LTV 'break' it might still be worth whacking in an overpayment to get a better rate (with existing lender); in extremis a 1k overpayment could mean a 0.25%+ rate drop on a 6-figure loan - I've no idea of your loan value, but 0.25% is of course £250/year saving per 100k in interest, which is a heck of a return if you're only a percent or two away and can find the cash...

missis_amber

marsman802 wrote: »

Oh really? Do HSBC now work with brokers?
That would be really good if so because I want to lock down my current borrowing on a lifetime tracker in the near future.

Went through London & Country as per the advice on MSE. They've been fab.