Too early to start remortgaging with HSBC?

caronoel

Currently have a HSBC mortgage. The fixed rate expires in late April, and I am very interested in the 2.19% 5 year fix they have at the moment

Two questions:

1) Can I pay the fees now to lock in the product until my existing fixed rate expires in about 5 months time?
2) I want to raise the mortgage value from 380k to 700k to pay for a refurbishment. LTV and mortgage multiples are both healthy, but I have recently moved employer. Will this be an issue for HSBC

Thrugelmir

1. No
2. Refurbishment for what precisely?

caronoel

Another pointless response from Thrug.

Does anyone else have a view?

kingstreet

Unfortunately, very little is known about HSBC outside HSBC and those who may have done similar. You are unlikely to find a broker who would know about this, for example.

I suspect you'll have to ask the lender itself.

BTW, this is a customer retention product/product transfer and further advance, not a remortgage. A remortgage requires a change of mortgage deed. You may confuse the poor HSBC staff if you use the wrong terminology and end up with the wrong answers as a result.

caronoel

Many thanks kingstreet.

I will email my contact at the bank and update the thread once I have a response.

Thrugelmir

caronoel wrote: »

Another pointless response from Thrug.

Does anyone else have a view?

HSBC will question an equity release of £320k for refurbishment.

Common sense really.

amnblog

HSBC is dark side of the moon for Brokers.

kingstreet

TBH in all but a small handful of cases, I'm not sure a broker would be able to answer questions about customer retention products and further advances as the bulk of mortgage lenders won't;-

allow us involvement
pay us for involvement.

amnblog

Instead the answer is the 90 minute mortgage offer interview mentioned in another thread.