New Tracker Deal Needed Quick!!

Jag1978

Hi All

For various reason I did not managed to sort out a new deal in time for my current fixed rate deal which will come to an end this March. I will fall into the SVR in April for a period.

I have been looking round for the best deal I can get. I want a tracker with minimal fees. My mortgage is about £122k. Once I fall into the SVR on the 1st April I’ll pay off a bulk sum of £45k which should reduce my mortgage to about £77k and shouldn’t incur any fees

I want as much flexibility as possible with my new deal and came across HSBC Special Term Tracker. Details are:

0.34% over base for term (23 years)
Booking Fee £599
Free Legal
Free Valuation
Free to make overpayments
No Early repayment penalties (might be in a position to pay off the mortgage earlier say within a couple of years)
No Tie in
Portable if I move

The only downside is, they say it can take 6-8 weeks to process the application. Which means possibly 2 months on SVR!! They also say it’s can be much sooner, it’s also down to my current lender (Halifax) to provide the information HSBC need in good time

If I’ve paid the SVR for the month and my new mortgage starts partway through that month does it mean I will be refunded the amount that is not used, as my new mortgage will be in place. How is that amount refunded e.g cheque, credit on mortgage etc.

Can anyone see any pitfalls with this mortgage apart from time frame, or does anyone know of any other deals that are better!

Regards

Jag

silvercar

If I’ve paid the SVR for the month and my new mortgage starts partway through that month does it mean I will be refunded the amount that is not used, as my new mortgage will be in place. How is that amount refunded e.g cheque, credit on mortgage etc.

You will get refunded, usually by cheque or by direct bank transfer to the account that the normal monthly payments came from.

Peelerfart

Just gone for the same deal myself Jag .Couldn't be bothered changing every 2/3 years .Seems a good long term deal even though I've only got 8 years left

StrawberryJam_2

I am in the same position, I am remortgaging to HSBC tracker rate (got the approval) and in the process of conveyance as we speak. The solicitor is awaiting the title deeds from my existing lender (Chelt & Glos).

I have said to my solicitors not to discharge the C&G mortgage until I have made the first payment on the SVR due 3rd April. Otherwise I could be paying an early repayment charge!

In your case, you only lose a few pennies in 1-2 months, so what? at least you know you will be on a good deal for future.

My HSBC tracker mortgage had the incentive of £400 towards legal fees, as opposed to free. Also the free valuation is not always the case, depends on what part of the country you are in. Otherwise it is a similar deal. The time involved depends on the solicitor receiving the title deeds from your existing lender, so I am led to believe.

An alternative I was looking at was Bank of Ulster tracker.

maveli

I too Took this deal a month ago and it was 0.23 above BoE. It only took 2 weeks to complete. I didn't use their legal service and went with my own solicitor and waiting for the £400.00 back.

Jag1978

I wish I had snapped up the 0.23% if I had known about it. Anyway I sorted it all out last night and got approval just waiting on the paper work. Not that I’m complaining this Current HSBC Special Term Tracker is an excellent product with all the flexibility I require.

Time frame is as I said 6-8 weeks!! But HSBC said it’s more down to how long Halifax take to release deeds and provide the relevant info. We’ll see!!

Regards

Jag