HSBC help there ringing tomorrow

lee3272

2 year fixed is nearly up over a 30 year morgage im with the halifax at moment fixed ends on 1st aug on rate is 4.39 i pay £650 a month now

i owe 125.418 house is worth aprox 156.500 went to my broker he said he can do a 3 year fixed at 6.29 with a £699 fee over 27 years 11 months
= 793.33 a month

rang hsbc today gave them all the details they said can offer 5 year fixed rate 5.39 over 27 years not 27y 11 months as above for £752 a month the fee is £300 dearer than above of £999 should i take this deal i really dont know what to do as they are ringing back to do credit check ect tommorrow
plus will there be any hidden bills ect after i pay the £999 fee

Trying_really_hard

They should be able to match the term exactly.

The only fee they could charge on top of the fee is a valuation, but at the moment, they are mainly doing Market Value Estimates unless a valuation is absolutely necessary. There is no legal fee as standard legal work is paid for for remortgages. The other fee you have to factor in is the fee to leave the Halifax which may be in the region of £225 ish.

This is from experience with HSBC myself so don't shoot me if I'm wrong.

HTH.

Aegis

Trying_really_hard wrote: »

They should be able to match the term exactly.

Mortgages below the minimum rate for Rate Matcher aren't eligible for an extension to the existing fixed rate. If you went in to a branch and told them you had a 5.8% fixed rate deal ending soon, that would be another matter entirely.

lee3272

could somone please help me is this a good deal are there better around or should i wait

Reds-on-Sea

you're currently at around 80% LTV to remortgage right? I think they'd be able to do you a better deal if it was 75%. Their 5.39% is pretty standard, but one of the best available right now. It's a much better deal, do the maths! Your mortgage term is shorter, your interest rate is lower, your repayments are £41.33 cheaper a month, and it's fixed for 5 years instead of 3.... you'll make up the £300 differene in fee within 8 months, then you'll be saving each month. There's no comparison between these 2 deals. I'd go for the HSBC one! I'm with them and find them great.

Reds-on-Sea

p.s. there won't be any hidden charges I think. I'm going for free option, but if you look in their website, all their charges are set out clearly.

p.p.s I doubt you'll get a better deal by waiting around....especially atm.

Trying_really_hard

Aegis wrote: »

Mortgages below the minimum rate for Rate Matcher aren't eligible for an extension to the existing fixed rate. If you went in to a branch and told them you had a 5.8% fixed rate deal ending soon, that would be another matter entirely.

Exactly. Didn't read it as ratematcher, so term should be matchable. Or so i would have thought. Hope the OP decided on something.