hsbc mortgage review

Picture courtesy of Ben Fuller.

Average Ratings
Value for Money2.2/10
Reviewer Rating1.1/10
Overall Rating1.3/10 Based on 29 ratings
12% Recommended3 out of 26 Reviews

Review of HSBC Mortgage

By NO2HSBCMORTGAGE on 8th Jun 2006

NO2HSBCMORTGAGE's Ratings
ProductVariable rate
Repayment MethodRepayment
Value for money0/10
Overall value0/10
no NO2HSBCMORTGAGE's recommendation

Good Points

There are NO good points about HSBC.

Bad Points

There is a pre-payment penalty if you pay off before 2-years, and after that the interest rate adjusts. The only way you may be able to fix it is to refinance, but if you refinance you are again on a pre-payment penalty for another 2 years!! What is the point of this MORTGAGE COMPANY???

General Comments

I was at 7.05% (1,090.00 p,i, and escrow). On my two year anniversary with my HSBC mortgage in April 2006, I purchased land, and I am in the middle of working on a construction loan. I awaited my 2 year pre-payment penalty before deciding to either buy or build another home. So, NOW May 2006, my interest is 10.05% (1,400.00 p,i, and escrow). I just got a home equity loan the first of May to put down on the land. If I would have received a letter from HSBC, then I would have just refinanced my entire house. Now because of the new debt ratio, I am unable to get my construction loan! I have a bad mortgage with HSBC and a separate lot of land of 3 1/2 acres that I now can not build on for a while because of the debt ratio and the fact that I just got a second on my loan.

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