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

wallofbeans

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.

 

MWT

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

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

GrubbyGirl_2 said:

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

wallofbeans 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

wallofbeans

penners324 said:

wallofbeans 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?

Edi81

wallofbeans said:

penners324 said:

wallofbeans 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. 

wallofbeans

Edi81 said:

wallofbeans said:

penners324 said:

wallofbeans 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

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 

picky123

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.

MynameisMichaelCane

I am in a similar situation but with Leeds Building Society. I have a small mortgage and a fairly low loan to value so I thought I might borrow a bit extra for home improvements. This seems to cause lots of problems!

I have found Leeds to be very unhelpful! I booked a telephone appointment with them during which they repeatedly told me that I could find rates and repayments on their website, and seemed very reluctant to actually give the info over the phone. They wanted to ask all sorts of questions to assess if they would lend me the extra money and sent me two lengthy documents to read before the telephone appointment. I realise that this is probably normal but everything about the process just seemed difficult.  Because of that I decided to try a different lender with a view to moving the mortgage.
I tried First Direct and was very impressed with their service, however, after chatting about my situation and what I wanted, they told me that they only lend up to age 70 and as I am now 66 they would not be able to help me. They were happy to give me info on what the repayments would be different interest rates and the effect of product fees and they suggested considering a personal loan for the extra borrowing. 
My impression is that it is not worth the hassle of moving to different lender if the mortgage is fairly small. In my situation I have decided to switch to a 2 year fixed rate (no product fee) with Leeds. I will do it myself online because I don't find them very easy to talk to on the phone.