mikew Posted September 2, 2009 Share Posted September 2, 2009 (edited) I have a 50% deposit and am looking to buy. I looked at the 1.99% deal, and frankly I think it is a poor deal IMO. £1199 arrangement fee (nonrefundable) is bad enough, but I would be extremely worried that HSBC can put their SVR rate up any time they like, and as already stated as interests claw back to "normal" (4-5%) this would not be such a attractive deal. I'd prefer fix for 5 years at 5.9% personally, but not keen on that either. EDIT: Not sure if I mean their SVR or their bank base rate, whatever. Edited September 2, 2009 by mikew Quote Link to comment Share on other sites More sharing options...
twatmangle Posted September 2, 2009 Share Posted September 2, 2009 I have a 50% deposit and am looking to buy.I looked at the 1.99% deal, and frankly I think it is a poor deal IMO. £1199 arrangement fee (nonrefundable) is bad enough, but I would be extremely worried that HSBC can put their SVR rate up any time they like, and as already stated as interests claw back to "normal" (4-5%) this would not be such a attractive deal. I'd prefer fix for 5 years at 5.9% personally, but not keen on that either. EDIT: Not sure if I mean their SVR or their bank base rate, whatever. Could have got a 5 year fix at <4.5% just a few months ago. There's only one direction this is heading. Quote Link to comment Share on other sites More sharing options...
mikew Posted September 2, 2009 Share Posted September 2, 2009 Could have got a 5 year fix at <4.5% just a few months ago.There's only one direction this is heading. Yep, which wont be good for the market surely? I really need a house (baby), and everyones telling me its a good time to buy, but honestly, I can't see it. I think now is a awful time to buy so am trying to hold off. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 2, 2009 Share Posted September 2, 2009 Could have got a 5 year fix at <4.5% just a few months ago.There's only one direction this is heading. Bankruptcy. The rates can't move up as it would collapse the system. Rates can only move up if they allow the QE money to get into the hands of the proles then they can move rates up. Too many are in deep financial trouble. Also these fees ensure that the poor subsidise the rich. Quote Link to comment Share on other sites More sharing options...
bear call spread Posted September 2, 2009 Share Posted September 2, 2009 Does appear good until you see it tracks Hsbc's SVR. The deposit wouldn't be a problem but bank SVR's are rather stingy to say the least. Think i will be sticking with my 1% BOE tracker for quite some time thanks Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.