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HSBC - Gives with one hand, takes away with the other.
WTF?_2
Posts: 4,592 Forumite
A lot of jubilation from the 'let's hope houses get even more expensive and unaffordable' crowd during the week when HSBC offered to take on remortgage customers at their existing rates (of course, caveats such as 80% LTV, 2 years only fix, offer available for five weeks only, hefty arrangement fee not really talked about 
)....
... Now we see the other shoe:
http://uk.biz.yahoo.com/11042008/35/hsbc-withdraws-market-leading-mortgage.html
HSBC is about to withdraw its market-leading two-year fixed rate mortgage deal, leaving any borrower without a 20% deposit facing thousands of pounds of extra costs from Monday.
The fee on the bank's 4.99% two-year fixed rate is more than £3,000 cheaper than the next best deal* that is on offer to borrowers with only a 10% equity stake in their home. It (Frankfurt: A0MLX5 - news) is also the lowest two-year fixed rate available at the moment, by more than 0.15%.
The deal, available to a maximum loan size of £500,000, will be withdrawn on Monday and replaced by a 5.39% five-year fixed rate with a high fee.
The HSBC cavalry ride to the defence of overpriced houses eh? More like 'The Charge of the Light Brigade' :rotfl:
)....... Now we see the other shoe:
http://uk.biz.yahoo.com/11042008/35/hsbc-withdraws-market-leading-mortgage.html
HSBC is about to withdraw its market-leading two-year fixed rate mortgage deal, leaving any borrower without a 20% deposit facing thousands of pounds of extra costs from Monday.
The fee on the bank's 4.99% two-year fixed rate is more than £3,000 cheaper than the next best deal* that is on offer to borrowers with only a 10% equity stake in their home. It (Frankfurt: A0MLX5 - news) is also the lowest two-year fixed rate available at the moment, by more than 0.15%.
The deal, available to a maximum loan size of £500,000, will be withdrawn on Monday and replaced by a 5.39% five-year fixed rate with a high fee.
The HSBC cavalry ride to the defence of overpriced houses eh? More like 'The Charge of the Light Brigade' :rotfl:
--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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I believe the technical term for what's going on is 'margin rebuilding'
or in non technical terms, screw the punters.It's a health benefit ...0
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