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HSBC Remortgage change in rates.
Okydoky25
Posts: 1,139 Forumite
Hi. My mortgage is due to finish 31/5. House was/is on the market and before all this started the idea/Hope was we would have a buyer and be able to complete soon after the mortgage ended freeing us up to look for a new mortgage. New plan is to stay put so I looked at the remortgage offer and since we received it a few weeks ago the 2 year fixed we would want the interest went up. 1.69 to 1.74 (currently at 1.39). We accepted the 1.74 to start 1/6 however if this rate drops again before then are we able to change it again or are we now looked in as such?
Sorry I have tried contacting the bank for clarification but after being on hold over an hour I gave up. I’m sure there are people trying to get through with more urgent issues.
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Comments
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For every £100k over a 20 year period the difference in monthly repayment is around 3 quid. You're only "locked in" technically once the Mortgage completes. Is it possible to change between now and completion, yes. Is it worth the time and hassle, that's your choice.
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Rates are moving upwards in response to the current crisis. Likelihood of any reduction is very small.2
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