HSBC Rate matcher

Lisap73

Hi,

Just wondering what people thought of the HSBC Rate matcher deal. I had a quote yesterday and the monthly repayments are competitive (£572 on £87,000) but you have to pay a booking fee of £1400. (obviously i'm going to put an extra £1000 on my mortgage to cover this, although stick it on an interest free credit card initially)

hmmm i haven't had the key facts yet as i have only spoken to a young girl who knew very little.

does anyone know anything about it? any drawbacks? anything to look out for? Is it worth paying a larger booking fee for the benefit of lower monthly repayments?

Thanks

UK007BullDog

£1400 for how long (2 yrs, 3yrs, 5yrs?) and what is the interest rate they are giving you? Fixed? Tracker?

sarkin

As a mortgaeg broker I think this product sucks. For money savers it is the best on the market. Cant wait for the promotionn to finish as we are slow here at the momment

Lisap73

UK007BullDog wrote: »

£1400 for how long (2 yrs, 3yrs, 5yrs?) and what is the interest rate they are giving you? Fixed? Tracker?

Hi there

it's 4.59 fixed for 2 yrs my term is 19yrs left

payless

sarkin wrote: »

As a mortgaeg broker I think this product sucks. For money savers it is the best on the market. Cant wait for the promotionn to finish as we are slow here at the momment

but just think of all the goodwill you are getting by telling your customers about the deal.

UK007BullDog

Work out the difference by adding the fees and then the rate you pay against their best fees free or low fee deal.

Its good for people with large mortgages, bad for small mortgages. £50K - £60K is the benchmark, but do the maths if it is worth forking out the £1400 for 2 years. As you might not be paying back the £1400 and will be repaying it for the next 19 years.

MortgageMamma

do you get free legals and a free valuation with the ratematcher? The website doesnt give nearly enough detail

payless

indications are that they are free in E&W

gt94sss2

MortgageMamma wrote: »

do you get free legals and a free valuation with the ratematcher?

According to the Telegraph:

HSBC will pay valuation and legal fees for customers in England and Wales. They will contribute £400 to legal fees in Scotland which can be higher because of the different system.

You may find that this thread has some further information

Regards
Sunil

Lisap73

well i have just contacted the HSBC and it sounds as if there will possibly be fees for this mortgage. ie legal and valuation. hmmm which i have to say doesn't make it such a great deal. I'm having someone from the branch call me tomorrow so will know more then.

MortgageMamma

I would check it out and insist on a key facts illustration before you commit, if they wont pay the legals and val its not a great deal IMO. I called into the local hsbc branch myself on way home from work and they said there was no free legals and no free val. whether they do offer that or not I find irrelevant. The thing thats bugging me is the staff at the branch dont know much about it and regarding marketing I'm hearing lots of conflicting things.