HSBC have further reduced their 10 year fixed mortgage rate down to 2.49%.
Appears to be open to all mortgages provided your LTV is 65% or greater.
Seems to have only just been changed, as mortgage comparison tools are still reflecting 2.64%. It's a good deal, but it all depends on your personal circumstances. Appears to be the cheapest in the market.
Others have indicated that HSBC are strict / difficult to obtain mortgages with.
"LOOONNG story short" So pleased you didn't give us the LOOONNG version. :confused:
lllFROSTYlll
8 Oct 163#10
Good deal for those of you like me who are risk averse.
Here's an idea some of you may wish to consider based on my recent experience: I applied for the Coventry 2.39% (but 50% LTV so may not suit everyone) deal back in September, didnt put a penny down (you add the £999 application fee to the mortgage term to achieve this) got my mortgage promise, which I can exercise anytime up until December... So basically a 3 month free hedge bet and of course you are free to check the market again (eg December) to see what's happening before pulling the trigger. Little bit of effort involved in applying but for me was worth it. Happy rate hunting all!
All comments (53)
coathanger
8 Oct 161#1
Is it possible to only get a 10yr mortgage, therefore just pay 2.49℅ for the entire term?
eslick to coathanger
8 Oct 16#4
Yes
tellyt to coathanger
8 Oct 16#6
You take out the 10 yr fixed rate over a 10 year 1 month term so you won't incur early repayment charges.
davewave to coathanger
9 Oct 16#46
Overpay and reduce the term.
jonnyclewlow
8 Oct 162#2
if you can afford the repayments, yes.
balluji
8 Oct 16#3
any penalties?
thepharmacist
8 Oct 161#5
Wow need to check the LTV we have, a fixed fee for the next 10 years, to me means no worries about changes in interest rate.
escortboy to thepharmacist
8 Oct 162#7
But,we have had 0.5% for the last 7 years until recently. Just how much longer will we be in super low rates for? Depending on your mortgage amount you could save a lot just using a tracker compared to this deal.
If you are risk averse and are happy just to forget about the base rate rising which can lead to stress and uncertainty then this would be a good shout.
single_lonely
8 Oct 161#8
other providers will follow suit. the pound had Wakefield me
JohnnyUtah
8 Oct 161#9
Just remember the early repayment charges for a deal like this. You have to be sure your circumstances and jobs are stable over 10 years.
lllFROSTYlll
8 Oct 163#10
Good deal for those of you like me who are risk averse.
Here's an idea some of you may wish to consider based on my recent experience: I applied for the Coventry 2.39% (but 50% LTV so may not suit everyone) deal back in September, didnt put a penny down (you add the £999 application fee to the mortgage term to achieve this) got my mortgage promise, which I can exercise anytime up until December... So basically a 3 month free hedge bet and of course you are free to check the market again (eg December) to see what's happening before pulling the trigger. Little bit of effort involved in applying but for me was worth it. Happy rate hunting all!
ran123ran to lllFROSTYlll
8 Oct 162#17
a credit application leaves a mark on your credit file - too many applications in a short period may affect your credit rating
i'm on santander lifetime tracker at 2% above base rate, just decreased to 2.5%. i can leave it whenever i want with no penalties whatsoever, so if interest rates go up in future i can go onto a fixed rate mortgage at any time. If interest rates stay low, I'll stay put as long as its financially sensible (and its interest-only). Banks can never chuck you off lifetime trackers even if you're paying interest-only mortgage payments and not repayments. Banks are going to start getting rid of interest-only mortgages to lessen their risk of lower-income mortgage payees.
Master G to goldengirlz
8 Oct 161#12
That makes no sense. The BOE base rate is currently 0.25%. So +2% would be 2.25%. Of course, if interest rates rise, you could go onto a fixed rate at any time. But, it would not be at this low rate as the fixed rates would rise too. Also, if you are paying interest only, you will pay far more in the long run as you'll be paying interest on the full amount of the loan each month as opposed to a reducing balance if you repaid capital as well. Unless you have an offset mortgage or have funds elsewhere earning more than 2.25% of course.
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Opening post
Appears to be open to all mortgages provided your LTV is 65% or greater.
Seems to have only just been changed, as mortgage comparison tools are still reflecting 2.64%. It's a good deal, but it all depends on your personal circumstances. Appears to be the cheapest in the market.
Others have indicated that HSBC are strict / difficult to obtain mortgages with.
The previous HSBC 10 year fix deal at 2.64% is shown here: http://www.hotukdeals.com/deals/10-year-fee-free-fixed-mortgage-2-64-65-ltv-2512575
Top comments
Here's an idea some of you may wish to consider based on my recent experience: I applied for the Coventry 2.39% (but 50% LTV so may not suit everyone) deal back in September, didnt put a penny down (you add the £999 application fee to the mortgage term to achieve this) got my mortgage promise, which I can exercise anytime up until December... So basically a 3 month free hedge bet and of course you are free to check the market again (eg December) to see what's happening before pulling the trigger. Little bit of effort involved in applying but for me was worth it. Happy rate hunting all!
All comments (53)
If you are risk averse and are happy just to forget about the base rate rising which can lead to stress and uncertainty then this would be a good shout.
Here's an idea some of you may wish to consider based on my recent experience: I applied for the Coventry 2.39% (but 50% LTV so may not suit everyone) deal back in September, didnt put a penny down (you add the £999 application fee to the mortgage term to achieve this) got my mortgage promise, which I can exercise anytime up until December... So basically a 3 month free hedge bet and of course you are free to check the market again (eg December) to see what's happening before pulling the trigger. Little bit of effort involved in applying but for me was worth it. Happy rate hunting all!
http://www.money.co.uk/guides/how-many-credit-applications-is-too-many.htm