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Please help me ...HSBC

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Marky4040
Marky4040 Posts: 151 Forumite
Fifth Anniversary 100 Posts
edited 16 March 2022 at 6:51PM in Mortgages & endowments
Hi All, can someone make any sense of the following.

1. Porting my current mortgage with HSBC to new property.
2. Current property is a flat, new property is a flat
3. I know i have to borrow existing balance or more and complete within 6 months on new property NOT for the ERC to kick in. I'm 2 years into 5 year fixed.
4. I put down 20% deposit on current property, however the new propoerty will be 10% because 20% would take me below current balance of existing mortgage triggering ERC
5. HSBC are telling me i cannot put 10% down on new flat because they require 20% deposits on Flats? Has anyone ever heard of this? Is it true?

I can't find anything on their website which dictates what percentage deposits are required for what type of properties. It sounds ridiculous.

Can anyone shed any light on it please.

 

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