Expat re-mortgage HSBC

theendsinsight

Hi. I am a UK national but not resident in the UK. I am employed by a UK institution and paid in GBP into a UK bank account.
5 years ago HSBC provide me with a mortgage to buy a UK property (as a sole use UK residence; it is not let). It will be our family home when we return to the UK.
The mortgage discount period has ended. I approached HSBC to remortgage onto another discounted rate. This initially proceeded smoothly but HSBC then suddenly brought things to a halt because they say they will now only provide UK mortgages to ex-pats who reside in one of about 30 countries. This doesn't include the country in which I live (which is in Asia and curiously where HSBC are happy to have a high street and commercial presence). My personal circumstances have not changed in anyway since I took the first mortgage out.
This is bit irritating because I am now on HSBC's non-discounted rate (4.19%). HSBC don't seem to be bothered that I continue to have a mortgage with them - they haven't asked me to find a mortgage with someone else. But they won't lend to me at a discounted rate. Is what they are doing legal/in line with standard good practice? Do I just have to put up with it?

Many thanks for any advice

Verix

They're certainly within their rights to not offer you a better rate.

There are other lender who can offer ex-pat mortgages but not many.

theendsinsight

Thanks, I guess it feels as though they enticed me in with a low rate, the expectation being I would be able to remortgage when the discounted period was up, but they are now refusing to do that and laughing all the way to the bank as they charge me the standard SVR :-)