HSBC RateMatcher extended to ALL (non-HSBC) customers!

RubyBish

Seems like a marketing gimmick. No doubt the fee will be % based on the size of the mortgage and this will offset any matching they do in fixed interest rate.
I currently have a 4.39% fix, I would bet the fee will be in the thousands for them to offer me a mortgage.

RubyBish

Stoopish wrote: »

Matcher with a promise to match rates as low as 4.54 per cent for a further two years.
<snip>
The size of the fee will depend on the interest rate and size of loan requested,

Well, that confirmed my suspicions.

therealdelboy

That really is good news for anyone looking for a mortgage shortly. Lets hope other providers follow suit

wisbech_lad

therealdelboy wrote: »

That really is good news for anyone looking for a mortgage shortly. Lets hope other providers follow suit

Doubt it. HSBC are mostly deposit financed (all those customers in Asia, who, you know, actually save money...) and so have the balance sheet fire power to do this. A good move. I've been buying shares in them on the basis that, yes they are having write-offs, but they should come out of the crisis much stronger than competitors (Citigroup, Barclays, RBS)

Standard Chartered have the balance sheet, but not the UK presence.

Other UK lenders, not so much. Maybe Lloyds TSB?

risparmiatore

Just called HSBC. Was put on hold for 15 minutes and then they told me that the news was leaked and they had no details of the offer but it would be available from Arpil 21st (although I read 14th from another poster).
Just trying to gage interest?

broughtonwolf

Damn and blast - I was expecting a £995 kind of fee from HSBC - I will probably have to pay this kind of set up fee on a higher rate in the 5's anyway with other lenders.
Sadly my fixed rate matures on 31st July, so I am now back to trying to double guess whether to book a rate now or wait and see if any of the other big lenders, like HSBC, without the same exposure follow suit.

homer_j_3

The majority of people taking this deal up will be those focused on monthly repayment.

Clearly MSE'ers know that its overall cost that counts, no point saving yourself a few quid if its going to cost you in the long run.

I must admit, its nice to see a lender trying to ease the burden of some mortgagees however, I hope it does not allow these borrowers to be able continue living the unaffordable lifestyle.

If the fees are competitive enough then there may be a good opportunity to lower your term in the remortgage if you can cope with an increase in payment.

hugglette

it is swings and roundabouts really as you will get a good deal for 2 years but when that is up you will have to look around again and pay another fee. If you pay 500 now and 500 in 2 years time you may have lost any benefit that you gained. ALso I am not sure if I could do this all again ion 2 years ha ha

their other rates are good at the moment tho. I am going for the 10year fix at 5.67% 499 fee. it sounds good to me!

silvercar

anyone know if you will be able to offset with this new deal?

Bismarck

Quietly impressed by HSBC's astuteness...talk about playing good poker! Hard to see a downside at the moment if they're able to pick off the best fish from the new pond.

The talk of the Asian-funded balance sheets does reiterate to me that it's a semi-global credit crunch where the West has run out of confidence/money and the East has it....suppose it's more of a credit realignment than crunch..