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pipllman

0.99% Mortgage From Hsbc

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All aboard.......... toot, toot.

We're still 7 months from the election, what will they be offering in Q2 2015, zero interest 125% mortgages with 50% additional government subsidy and Airmiles?

The harder "they" try to sell something, the more one instinctively knows not to buy!

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The deal seems to require a 40% deposit and £1, 999 product fee. If it's say a 2year fix (i haven't checked )need to really bring the product fee in to recalculate the rate. For example if you payed 2k every 2 years with a 25yr mortgage. That also assumes the product fee stays at £2k !

This is not advice.

Edited by Ash4781

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The deal seems to require a 40% deposit and £1, 999 product fee. If it's say a 2year fix (i haven't checked )need to really bring the product fee in to recalculate the rate. For example if you payed 2k every 2 years with a 25yr mortgage. That also assumes the product fee stays at £2k !

This is not advice.

I'e not looked but probably. HSBC underwriting is very strict.

A quick look at Firstdirect's web portal shows that unless you are earning 50k+ and have ~30% deposit you can fck off.

HSBC are not NR.

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I can hear the sound of a barrel bottom being scraped. Trying to find the last of the solvent eager buyers with hefty deposits for them to harvest and have on the hook for the rest, who are willing to pay very high prices in low-mid-high prime areas.

Meanwhile more sellers are becoming stranded, with buyer interest cooling, 2 to 3 hour MMR interviews to pass for those who haven't sensed the turn yet. EAs just having shown the first hints of encouraging sellers to become realistic and cut asking prices in big chunks. Not too far away from this.. for elderly going into care - for those who don't rent it out. A few more repos here and there on my searches outside prime (although not expecting any real surge) and more HMOs looking to sell up. Upper prime, £1m-£2m+ in some regions staring into an abyss, for those who bought in the last few years.

I suspect that we may start seeing value in auction properties earlier (perhaps significantly earlier) than with standard sales as repossessions increase and inheritance properties look to make sales - assuming at least some of the out and out speculators are canny enough to perceive the weakening market - as many regular buyers seem to be overly apprehensive about using this route (not sure why but it makes people almost as panicky as when I try to make them engage in mathematics). I don't know whether any of these will show up in the indices, certainly the repos will not.

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hsbc. ..I guess they don't want to push up savings rates of want savers at all.

Take your money out and tell them to shove it.

Never vote tory again.

Edited by TheCountOfNowhere

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The deal seems to require a 40% deposit and £1, 999 product fee. If it's say a 2year fix (i haven't checked )need to really bring the product fee in to recalculate the rate. For example if you payed 2k every 2 years with a 25yr mortgage. That also assumes the product fee stays at £2k !

This is not advice.

The low LTV deals seem more about tapping into equity than house purchase, surely anyone with a 30+% deposit has already spunked it ?.

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Or one followed by the other

So hsbc are expecting 40% falls.

Or HSBC are expecting interest rates to rise in 2+ years.

Labour government 2015, Ed Balls gets his hands on the tiller ... markets crash followed by house prices and then interest rates have to rise in about 2 years.

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I'e not looked but probably. HSBC underwriting is very strict.

A quick look at Firstdirect's web portal shows that unless you are earning 50k+ and have ~30% deposit you can fck off.

HSBC are not NR.

We were turned away from first direct in March and will be trying again in November. We're looking at a 50% LTV 1.99% tracker.

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Nice ad to get people through the door and then offer a different product.

2 grand arrangement fee..feck off!

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Labour government 2015, Ed Balls gets his hands on the tiller ... markets crash followed by house prices and then interest rates have to rise in about 2 years.

labour government 2015..everybody is emigrating.

forget about those tax increases.anyone who could pay them realises they've been dealt a bum hand and leaves.

viscious cycle after that.

might not like SNP too much but if they take these freeloaders down then we shouldn't judge them too harshly.

Edited by oracle

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Probably find the head of HSBC has a house worth 20 million. He will borrow 10 million on this deal and stick the money in a savings account at 2%. Profits going towards his new yacht.

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2 grand arrangement fee..feck off!

Indeed....

"The deal from HSBC launches on Monday and promises borrowers a two-year discount deal with a starting rate of 0.99 per cent. It is available for homebuyers with at least a 40 per cent deposit. It follows HSBCs standard variable rate of 3.94 per cent minus a discount of 2.95 percentage points."

So it follows the HSBC SVR. which could rise at any time regardless of base rate.

At £1999 fee you would actually be better off taking a 2.5% deal with £0 fee if borrowing£100,000. You would have to be borrowing a huge mortgage to justify that fee.

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I'e not looked but probably. HSBC underwriting is very strict.

A quick look at Firstdirect's web portal shows that unless you are earning 50k+ and have ~30% deposit you can fck off.

HSBC are not NR.

I think the £50k criteria only for offset mortgages.

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Probably find the head of HSBC has a house worth 20 million. He will borrow 10 million on this deal and stick the money in a savings account at 2%. Profits going towards his new yacht.

Not going to help much as after 45% tax his effective savings interest is down to 1.1%.

Ok 0.11% (1.1-0.99%) is a lot on £10M but what if his bank blows up during the next downturn and his £10M is bailed in but he still has the £10M in debt. Probably a big risk for a small reward...

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