HSBC Mortgage Timelines Execution Only

IAMIAM

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

housebuyer143

IAMIAM said:

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

Trackers by their nature track the base rate. So it will always move with the base rate. The amount you pay over base rate will not change until the end of the term.

IAMIAM

housebuyer143 said:

IAMIAM said:

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

Trackers by their nature track the base rate. So it will always move with the base rate.

But will the actual product change?

housebuyer143

IAMIAM said:

housebuyer143 said:

IAMIAM said:

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

Trackers by their nature track the base rate. So it will always move with the base rate.

But will the actual product change?

No, the product is the product you agree to and that stays the same. If you don't understand the ins and outs of the product, the bank will have advisors who can go through it with you in more detail

Ifraz

IAMIAM said:

housebuyer143 said:

IAMIAM said:

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

Trackers by their nature track the base rate. So it will always move with the base rate.

But will the actual product change?

New products can come about at anytime but once your booked your rate it shouldn’t change during the term of the initial offer period. 

Your products won’t change. But they could introduce a new product. I applied for a tracker plus 1.34% on BOE base rate and they introduced a new product on same loan to value at plus 0.84% on BOE base rate so I asked them to move me to the new product. Repaid the fee and got a refund was done in a week. 

But now they have a fixed rate at 4.69% for 85% ltv so decided to move to this as the margin between tracker and fixed rate has closed and another 0.5% increase in base rate will make the tracker no longer viable for me. 

IAMIAM

Ifraz said:

IAMIAM said:

housebuyer143 said:

IAMIAM said:

Applying for tracker with them.

If I complete a DIP and potentially start my application online....how long do I have to fully submit it/upload documents? Do then cancel applications if not completed within a few weeks?

Also, on their trackers, does it make a difference with the BOE changes....will this rate change? Currently they have 0.79 above BOE rate, could this go to like 1.5% above BOE by xmas, or have their trackers been quite steady?

Trackers by their nature track the base rate. So it will always move with the base rate.

But will the actual product change?

New products can come about at anytime but once your booked your rate it shouldn’t change during the term of the initial offer period. 

Your products won’t change. But they could introduce a new product. I applied for a tracker plus 1.34% on BOE base rate and they introduced a new product on same loan to value at plus 0.84% on BOE base rate so I asked them to move me to the new product. Repaid the fee and got a refund was done in a week. 

But now they have a fixed rate at 4.69% for 85% ltv so decided to move to this as the margin between tracker and fixed rate has closed and another 0.5% increase in base rate will make the tracker no longer viable for me. 

Agreed, margin between tracker and fixed is now smallish. I don't want to fix for 5 years. I reckon if there is a change in government/party and rates in 18-24 months, I will long term fix then at 60% LTV even rates are around 3% then, and then potentially move with the additional borrowing at a higher LTV.