HBOS Mortgage Dilemma

kmmfc

I’m looking for some advice with regards to a mortgage for first time buyers. Me and my partner are buying a house with a property value of £135500 and we’re looking for a mortgage of £110k. We were offered a deal by HBOS of 5 year fixed rate, 5.79% with £500 cashback. We looked around and came to the conclusion that this was the best deal on the market for our situation. When we spoke to the same advisor from HBOS, they admitted they had made a mistake and the £500 cashback was only applicable to a deal with a 6.14% interest rate. Needless to say, we’re disappointed in that. Does anyone know of any similar/better mortgage deals at present or whether we could try to get HBOS to admit a mistake and give us the £500 cashback? We’re unsure of how to handle this situation.
Thanks for any help/advice.

NeilQuinn

I'm at home today so haven't got access to my sourcing program. However, there might be some slightly better 5 year fixed rates out there but you'll have to compare the arrangement fees that will be bolted on. The difference in rates that you quote, equate to £1920 extra over a 5 year period...so knock off the cashback & it works out at £1420 (I'm using interest-only for the calculation). 5.79% is a pretty good rate in today's market & I'd be tempted to go for it. Although you may think the cashback is attractive, it's not that great when you look at the overall picture.

Don't think you'll have much luck in claiming the cashback because the adviser hasn't signed you up on a deal & he's admitted his error before you've committed to anything so it's not as if you've been mis-sold anything.

amz84uk

Hi Neil. Might sound like a random question, but in your opinion, would you say that base rate + 0.64% (5.64%) is a good rate? They've upped it to 5.99% now on their website.

I'm currently in the process of buying a property, and that's what I was offered 2months ago with HSBC, which I've gone for. On top of that, there's no early repayment charges, no charges for overpayments, and free valuation which has been done.

TEDDYRUKSPIN

Try HSBC.

5.73% 5 years fixed £499.
5.63% 5 years fixed £499 plus account.

kmmfc

TEDDYRUKSPIN wrote: »

Try HSBC.

5.73% 5 years fixed £499.
5.63% 5 years fixed £499 plus account.

Thanks for that

Only problem with HSBC are that their customer relations are terrible. Supposed to have been contacted by them last week but nothing and still waiting! Same thing happened to my partner also. Very poor service from HSBC!

cells

i would wait 3 months before buying, by then it will be clear if we are entering a massive crash.

why buy now when in a year it could be £15k cheaper

amz84uk

kmmfc wrote: »

Thanks for that

Only problem with HSBC are that their customer relations are terrible. Supposed to have been contacted by them last week but nothing and still waiting! Same thing happened to my partner also. Very poor service from HSBC!

Agree with you on that. HSBC are extremely terrible with their customer service. They have good offers, but their excuse with me was that due to the sheer volume of applications, there is a delay in processing applications and that taking a month before I get a response is normal.