HSBC Mortgage Review

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HSBC Mortgage
0.7 stars
Average rating for this product is: 0.7 out of 5

From 3 ratings and 30 reviews

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janemariehal's Review of HSBC Mortgage

19th Aug 2007

Overall Rating

2 stars
  • Value for money
    3.5 stars
  • Repayment Method
    Repayment
  • Product
    Variable rate
Good Points

From the point of enquiring about a mortgage to buying my flat, the process was made easy by the clear explanations and help from the staff at HSBC; the rates were also competitive, with different possible options.


Bad Points

After about a year having had a variable rate, I decided to watch the interest rates carefully and fix my mortgage, which was a fee of £400.00. This I could barely afford, as my mortgage was still fairly new and I was overdrawn at the bank, which I pointed out to the staff member at the HSBC in St Helier Jersey. Anyway, she assured me that I would only pay this fixing fee once, even to the point of selling it to me on this fact. I therefore decided to fix my mortgage for only 2 years instead of maybe 5 years, with a view to reassessing at the time. However, at the end of 2 years when my mortgage became variable, I called the HSBC and asked to refix, but I was told I would have to pay £500.00 for the rate I requested. I informed them of what I was told about one fixing fee in Jersey, and they said this was wrong. I spoke to a couple of people, but the situation remained the same. As I could not really afford another fixing fee and was very upset about this, I left things as they were. My mortgage has gone up over about l8 months to an increase now of £118.00 per month. I would have definitely fixed it for more than 2 years had I known the fixing fee was not a one-off.


General Comments

My advise would be to get this information in writing - this was my mistake by believing that HSBC had given me the correct information.

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