Time to remortgage

defstar

I been worried sick about my remortgage for some months and regretted not paying the £2k ERC on my current 5 yr fixed of £485.  Anyway that’s coming to an end in sept and I can no longer put it off.  Been looking at rates and looks like they are coming down again which is good news though I won’t ever see the same low percentage again.  What I’m trying to do is keep track of the current rates on a daily basis or at least weekly to gauge whether I should jump at the first opportunity in early march or wait till the official ending of my fix.  Got a meeting with current provider HSBC in march.  Question if they offer me a rate do I have to accept it right away?

kingstreet

You can usually book a rate switch then change it later if rates fall.

A broker could look at remortgage options as well as your HSBC retention options giving you a better view of what's available.

defstar

I’m not sure I could go through the hassle of getting all my documents together for the mortgage broker.  HSBC has said the rates switch is fairly straight forward

defstar

Is there a place where I can have a look at past rates like in some form of chart 

Nailer99

HSBC currently have some of the lowest fixed rates and pretty competitive tracker rates so sticking with them is not a bad option. 

Nailer99

defstar said:

Is there a place where I can have a look at past rates like in some form of chart 

Yes! Martin has you covered. 

https://www.moneysavingexpert.com/news/2023/02/fixed-mortgage-deals-expected-to-get-cheaper-despite-base-rate-i/

Also you can see old HSBC rates here:

https://intermediaries.hsbc.co.uk/newsroom/

Don’t look though - it’s depressing!

Nailer99

Also, regarding your worry about getting the best deal, I’m pretty sure HSBC will let you change product all the way until the mortgage starts. Ask them. 

defstar

Much appreciated thank you

matt1983

Nailer99 said:

HSBC currently have some of the lowest fixed rates and pretty competitive tracker rates so sticking with them is not a bad option. 

Arent tracker rates all more or less the same? Or am i confused? I thought that tracker meant it matches the BOE base rate but can be plus or minus a little bit? 

TheJP

matt1983 said:

Nailer99 said:

HSBC currently have some of the lowest fixed rates and pretty competitive tracker rates so sticking with them is not a bad option. 

Arent tracker rates all more or less the same? Or am i confused? I thought that tracker meant it matches the BOE base rate but can be plus or minus a little bit? 

Yes a tracker tracks the base rate and the lender will add an additional percentage to the BOE rate. My tracker is currently 4.10 but will move up to 4.6 due to the increase. When the base rates drop so will my rate but always factoring in the .6% my lenders product has attached to it.

defstar

No idea how a tracker works so I guess I ll stay clear