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fix coming to an end - do I stay or do I go?

Hi all,

My 5 year fix is coming to end with HSBC and the rates they are offering are around 4.19% with no fee but, after looking at the MSE comparison, there are several places that can beat that with the best rate being 4.08% with no fee (or practically no fee -- it says its £35)..

My question is would HSBC match that to keep me? Is there any point asking? 

And, how much hassle would it be to move to another provider?

My LTA is 20% and it's not a huge mortgage (90k left) so I assume I'd be accepted by most.

 

Comments

  • MWT
    MWT Posts: 10,393 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 14 October at 4:03PM
    No point in asking them to match a product elsewhere, they cannot make individual deals. 
    You can talk to a broker though to make sure you are not missing any alternatives.
  • GrubbyGirl_2
    GrubbyGirl_2 Posts: 1,021 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 14 October at 5:34PM
    MWT said:
    No point in asking them to match a product elsewhere, they cannot make individual deals. 
    You can talk to a broker though to make sure you are not missing any alternatives.
    I am actually referring to 25 years ago but I actually did successfully negotiate with Lloyds bank who not only matched but offered better.

    I'd say you've got nothing to lose by asking
  • Edi81
    Edi81 Posts: 1,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MWT said:
    No point in asking them to match a product elsewhere, they cannot make individual deals. 
    You can talk to a broker though to make sure you are not missing any alternatives.
    I am actually referring to 25 years ago but I actually did successfully negotiate with Lloyds bank who not only matched but offered better.

    I'd say you've got nothing to lose by asking
    25 years is a long time ago. Banks look at things on a macro level and aren’t going to do individual pricing now. They are far more regulated than ever and thus wouldn’t wash with the regulator and treating customers fairly. 
  • penners324
    penners324 Posts: 3,545 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Hi all,

    My 5 year fix is coming to end with HSBC and the rates they are offering are around 4.19% with no fee but, after looking at the MSE comparison, there are several places that can beat that with the best rate being 4.08% with no fee (or practically no fee -- it says its £35)..

    My question is would HSBC match that to keep me? Is there any point asking? 

    And, how much hassle would it be to move to another provider?

    My LTA is 20% and it's not a huge mortgage (90k left) so I assume I'd be accepted by most.

     
    If you can get free conveyancing from the new mortgage company.

    If not it's probably not worth moving
  • wallofbeans
    wallofbeans Posts: 1,490 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hi all,

    My 5 year fix is coming to end with HSBC and the rates they are offering are around 4.19% with no fee but, after looking at the MSE comparison, there are several places that can beat that with the best rate being 4.08% with no fee (or practically no fee -- it says its £35)..

    My question is would HSBC match that to keep me? Is there any point asking? 

    And, how much hassle would it be to move to another provider?

    My LTA is 20% and it's not a huge mortgage (90k left) so I assume I'd be accepted by most.

     
    If you can get free conveyancing from the new mortgage company.

    If not it's probably not worth moving
    I'm not moving house though, so what benefit would free conveyancing give me?
  • Edi81
    Edi81 Posts: 1,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hi all,

    My 5 year fix is coming to end with HSBC and the rates they are offering are around 4.19% with no fee but, after looking at the MSE comparison, there are several places that can beat that with the best rate being 4.08% with no fee (or practically no fee -- it says its £35)..

    My question is would HSBC match that to keep me? Is there any point asking? 

    And, how much hassle would it be to move to another provider?

    My LTA is 20% and it's not a huge mortgage (90k left) so I assume I'd be accepted by most.

     
    If you can get free conveyancing from the new mortgage company.

    If not it's probably not worth moving
    I'm not moving house though, so what benefit would free conveyancing give me?
    If you don’t get free legals then you need to pay for the legal work. A mortgage isn’t just a loan it requires legal work (nowhere near as much as when you buy a property) so that the lender has security over the property. Some remortgages will include them so could be worth it for you. 
  • wallofbeans
    wallofbeans Posts: 1,490 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Edi81 said:
    Hi all,

    My 5 year fix is coming to end with HSBC and the rates they are offering are around 4.19% with no fee but, after looking at the MSE comparison, there are several places that can beat that with the best rate being 4.08% with no fee (or practically no fee -- it says its £35)..

    My question is would HSBC match that to keep me? Is there any point asking? 

    And, how much hassle would it be to move to another provider?

    My LTA is 20% and it's not a huge mortgage (90k left) so I assume I'd be accepted by most.

     
    If you can get free conveyancing from the new mortgage company.

    If not it's probably not worth moving
    I'm not moving house though, so what benefit would free conveyancing give me?
    If you don’t get free legals then you need to pay for the legal work. A mortgage isn’t just a loan it requires legal work (nowhere near as much as when you buy a property) so that the lender has security over the property. Some remortgages will include them so could be worth it for you. 
    They all seem to have "free basic legal assistance" so I don't think that's a problem. But thank you for reminding me that this is something to be aware of, and another good reason to stick with my current provider unless there is a significantly better deal elsewhere... 


  • MFWannabe
    MFWannabe Posts: 2,481 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 16 October at 11:41AM
    Have your circumstances changed? 
    If you go with a new provider it’s a remortgage and subject to checks 
    If you stay with current provider it’s just a product switch so no checks unless you want to change the term or borrow more 
    When does your mortgage end? As there will be another Bank of England announcement  beginning of November 
    MFW 2025 #50: £1989.73/£6000

    12/08/25: Mortgage: £62,500.00
    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

    12/08/25: Savings: £12,000



  • picky123
    picky123 Posts: 68 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    The interest difference for a £90k loan is £99 per year. 

    Is the grief to change really worth £8.25 per month to you, that is the question, which only you can answer.
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