HSBC 5 Year Mortgage - Fixed 1.99% !!!

[MarillionFan]

Depends on the length of the mortgage though doesn't it..

No it doesn't.

Where the hell is Sasguru when you need him? Cretin Watch needs to be restarted.

[eek]

No it doesn't.

Where the hell is Sasguru when you need him? Cretin Watch needs to be restarted.

If it's 1% of interest it's cheap. If it's 1% of the total monthly payment and you have less than a year to go then

[MarillionFan]

If it's 1% of interest it's cheap. If it's 1% of the total monthly payment and you have less than a year to go then

[minestrone]

I shall be enquiring about this tomorrow.

[vetran]

Santander have been doing 2.99 and less for ages, combine with 123 account giving 1% cashback then 1.99 for 5 years has been around for ages assuming 123 stays as is.

Found Santander knew what they were talking about.

oops - Doh ignore me at 4 glasses in the cups.

[Mark McBurney@CMME]

It's a fantastic rate - the lowest ever 5yr rate I think.

It's probably one that you may struggle or find difficult to achieve as a contractor, as HSBC will work from 3yrs of Limited Company accounts, rather than contract value, and I believe you will have to go direct (or possibly through Countrywide, who are not the best with contractors, judging from previous clients' feedback).

The good thing if you can't currently access this though is that this may well prompt one or two other lenders to follow suit with rates close to this, possibly those with criteria flexible to contractors too.

[yasockie]

The rates are negative in Denmark already - they are literally paying people to borrow money.
If the rate are going to hover around 0 or less, then 1.99% is not such a great deal anymore...

[MarillionFan]

Mortgage rates fall even further for big deposit borrowers* | Daily Mail Online

Now 2 year deal at 1.09%. Lowest ever.

http://www.dailymail.co.uk/money/mor...gage-1-68.html

3 Year. 1.68%. Lowest ever

[Unix]

Is there an application fee though? We have small mortgage so the fee usually outweighs the savings on interest. We can access good rates though due to having small LTV.

[TykeMerc]

Is there an application fee though? We have small mortgage so the fee usually outweighs the savings on interest. We can access good rates though due to having small LTV.

Very true, I've been looking at a few options recently and unless I go for a considerably larger mortgage the rate benefits are clobbered by the arrangement fees which all seem to be significant. I don't suppose any of us should be surprised the banks want to get a margin in somehow and fees is it when rates are so low.