Currently best lifetime tracker mortgage available in the market imo. If your LTV is 60% and you are interested to pay off mortgage as soon as possible. This is the best deal you can get. The interest rate is only 1.79% for lifetime meaning you don't need to switch again and you can overpay as much and whenever you can. Even if you want to switch you can do it anytime and there is no early payment charges. The only fee you pay is the booking fee of £749 if you opt for Advance or premier current account otherwise for standard account it is £999. Free conveyancing, free survey.
Most of the lenders currently like Nationwide, Barclays, metro, Santander are offering discounted tracker or fixed term mortgages and interest rates are higher and mostly allow to overpay to max of 10% of remaining balance or pay early repayment charges.
So if you want flexibility of over-payment with very low interest rates, this is the time to switch lender and save thousand of pounds.
From HSBC Website:
Lifetime Tracker Rate: This product will track the Bank Of England (BoE) base rate plus (1.29%).
Details of your interest rate will be set out in your Key Facts Illustration (KFI).
If there is any better rate available in future, you can easily switch to better rates!
Top comments
mkshaikh
8 Apr 1616#5
It is 1.29% + 0.5% base rate = 1.79%
Roger_Irrelevant
8 Apr 1610#16
Just to add, thanks to HUKD a couple of years ago I switched to a HSBC BoE+2.44% mortgage; was super easy, basically you fill out a 3 or 4 page form then they just keep updating you. No hassle, saved thousands, now mortgage free. :smile:
Basically if you can afford to whilst interest rates are so low, dump all spare money into paying off your 'bricks and mortar'. There can be exceptions (if you're getting very good returns elsewhere I.e. investments), but I've had too much wine to carry on typing. :smile:
COJones to gacameron01
8 Apr 168#68
...I understand your sentiment, however you're rubbish at funny acronyms :wink:
mkshaikh to grimphil
8 Apr 165#12
Again I can confirm it is 1.29% + BoE Base rate of 0.5%, making it 1.79%. Ofcource if BoE base rate changes your rate will get an affect. But since last 8 years it has been at 0.5% and imo it will remain stagnant for few more years. You have a flexibilty to switch to a better deal if it changes but finger crossed it won't change in near future.
The rate is 1.79 over base meaning if base rate moves up, your interest rate will always be that + 1.79%.
grajac123
8 Apr 16#3
Is this 1.79 + bank of England interest rate which is 0.5 ?
Bourne9482 to grajac123
8 Apr 161#4
Yep
mkshaikh
8 Apr 1616#5
It is 1.29% + 0.5% base rate = 1.79%
grimphil
8 Apr 162#6
The interest rate is the BoE base rate plus 1.79%, not 1.79% as you claim, and will always be 1.79% above the BoE rate. It is a low rate but different to what your comment states.
mkshaikh to grimphil
8 Apr 165#12
Again I can confirm it is 1.29% + BoE Base rate of 0.5%, making it 1.79%. Ofcource if BoE base rate changes your rate will get an affect. But since last 8 years it has been at 0.5% and imo it will remain stagnant for few more years. You have a flexibilty to switch to a better deal if it changes but finger crossed it won't change in near future.
mkshaikh
8 Apr 162#7
No it is 1.29% + 0.5% base rate
Bourne9482
8 Apr 16#8
I can't see 1.29% mentioned anywhere?
aing69 to Bourne9482
8 Apr 16#29
Lifetime Tracker Rate: This product will track the Bank Of England (BoE) base rate plus (1.29%).
Details of your interest rate will be set out in your Key Facts Illustration (KFI).
oddballjamie
8 Apr 163#9
Key features
Lifetime Tracker Rate: This product will track the Bank Of England (BoE) base rate plus (1.29%).
Details of your interest rate will be set out in your Key Facts Illustration (KFI). HSBC lifetime tracker rates are variable and the rate is set at a fixed percentage above the BoE base rate, which is currently (0.5%). The interest rate you will pay will rise and fall in line with changes to the BoE base rate for the life of the loan.
Qualifying criteria: HSBC Advance is available to customers who pay in £1,750 or more each month, not including money transferred from other sole or joint personal accounts held with HSBC Bank.
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Opening post
Most of the lenders currently like Nationwide, Barclays, metro, Santander are offering discounted tracker or fixed term mortgages and interest rates are higher and mostly allow to overpay to max of 10% of remaining balance or pay early repayment charges.
So if you want flexibility of over-payment with very low interest rates, this is the time to switch lender and save thousand of pounds.
From HSBC Website:
Lifetime Tracker Rate: This product will track the Bank Of England (BoE) base rate plus (1.29%).
Details of your interest rate will be set out in your Key Facts Illustration (KFI).
If there is any better rate available in future, you can easily switch to better rates!
Top comments
Basically if you can afford to whilst interest rates are so low, dump all spare money into paying off your 'bricks and mortar'. There can be exceptions (if you're getting very good returns elsewhere I.e. investments), but I've had too much wine to carry on typing. :smile:
All comments (192)
Details of your interest rate will be set out in your Key Facts Illustration (KFI).
Lifetime Tracker Rate: This product will track the Bank Of England (BoE) base rate plus (1.29%).
Details of your interest rate will be set out in your Key Facts Illustration (KFI). HSBC lifetime tracker rates are variable and the rate is set at a fixed percentage above the BoE base rate, which is currently (0.5%). The interest rate you will pay will rise and fall in line with changes to the BoE base rate for the life of the loan.
Qualifying criteria: HSBC Advance is available to customers who pay in £1,750 or more each month, not including money transferred from other sole or joint personal accounts held with HSBC Bank.