UK Landlord Forum / Life

Hey,

There's been some talk recently about banks offering (or not offering) deals to customers coming off of fixed rate arrangements, and about a month ago I saw HSBC was offering a continued "fixed-rate match" to existing mortgage customers. But I've not seen anything since and my deal is up around June time.

Was just wondering if anyone had heard anything. The earlier deal was included in the "Martin's Money" newsletter, and there was some discussion around this in Working Lunch earlier this week.

My mortgage is one of these graduate "do this for 1 year, then this for two years, then stand on one leg while this happens for 12 months or so ..." type deals, so its possible even if they are extending some fixed rates it won't apply to mine. But if you don't ask, you don't get


V

Hey V,

I've not heard of that particular deal from HSBC. But i've heard a lot of "we'll match your current fixed rate" deals, which I don't see the point of. I mean, the base rate has dropped since then, so why would I want to match my fixed rate from 2 years ago?

A lot of lenders are starting to go the opposite way to the baserate, though!!

BMS fixed rate products have gone from 3 year 5.09% rates to 2 year 5.54% rates with heafty arrangement fees of 2.5% of the loan amount.

Mortgage Express who do instant remortgages for investors have repriced their 2 year fixed rates at 6.09% making most deals not possible for investors who need the instant remortgage product.

Rates don't look all that good, regardless of the baserate drop...

http://www.moneysupermarket.com/mortgages/

I still have a few months left before I need to consider remortgaging!

I found an interesting article on HSBC...

HSBC Withdraws Market-Leading Mortgage

HSBC is about to withdraw its market-leading two-year fixed rate mortgage deal, leaving any borrower without a 20% deposit facing thousands of pounds of extra costs from Monday.

The fee on the bank's 4.99% two-year fixed rate is more than £3,000 cheaper than the next best deal* that is on offer to borrowers with only a 10% equity stake in their home. It is also the lowest two-year fixed rate available at the moment, by more than 0.15%

http://www.fool.co.uk/news/property-home/mortgages/2008/04/11/hsbc-withdraws-market-leading-mortgage.aspx

There's so much good news at the moment, its almost overwhelming.


V