There are many banks and building societies that you could turn to for your remortgage. One of these is the HSBC.
The time for an HSBC remortgage is 9 weeks.
The amount of time needed for the remortgage will depend on your personal circumstances and remortgage needs. You can speed up the process by having all of the necessary documentation ready when you decide to make the switch.
Remortgage at the right time to avoid fees
Timing is everything when you remortgage.
If you decide to switch early and break your current loan deal, you may have to pay the early repayment charges set by your lender. – Can you remortgage early?
If you wait until after your deal has lapsed before you remortgage, you will fall onto your current lender’s standard variable rate (SVR). This rate is usually higher than that on a typical fixed-rate deal so your monthly repayments will be more expensive.
To avoid fees and high-interest rates, it is usually advisable to remortgage when your current deal is coming to an end. As the process can take several weeks, you should start the process around 3 months before your existing deal expires.
We have over 40 years experience of arranging HSBC mortgages. With them being one of the largest UK lenders they have a good track record with most types of lending and tend are a reliable mortgage lender that looks at ways to help new customers. It is our observation that they do tend to lend higher income multiples to people earring over £100,000 – Stephen Roberts
How to complete a HSBC Remortgage
If you want to move your mortgage to HSBC, you can do this by visiting their website.
The first thing you need to do on their application page is to get a Decision in Principle.
The Decision in Principle is an indication of how much you could borrow from them. This isn’t a guarantee of a loan offer as they still need to carry out their affordability checks.
After getting your Decision in Principle, you can then apply for a new mortgage. You can do this by entering your details on HSBC’s mortgage application page or by applying with a mortgage adviser by phone or at your local branch if you prefer to speak to somebody.
Please note: Before you apply for an HSBC mortgage, get in touch with our team. We will compare HSBC’s mortgages with the other deals on the market and will advise you on which might be better for your financial circumstances.
When can I remortgage with HSBC mortgages?
You can remortgage anytime but as we suggested earlier it is advisable to wait until your current mortgage deal is coming to an end before you move your mortgage. This way, you will avoid your lender’s early repayment charges and you will have the opportunity to make the switch before you fall onto your lender’s SVR.
How do I know when my existing HSBC mortgage deal ends?
If you already have a mortgage with HSBC, they will send you a reminder of your mortgage end date around 90 days before your current deal ends. You can also check your account page on their website for details about your loan and you should be able to get the information you need from the paperwork detailing your mortgage offer.
For further information, give them a ring, start a chat with an adviser on the HSBC app or visit their help page to find the answers you are looking for.
How long before my fixed rate ends can I remortgage HSBC?
If you have a mortgage with HSBC, you can reserve or switch to a new deal up to 90 days before your current mortgage term ends.
If you are with another lender, you may be able to start the remortgage process earlier.
Does HSBC use mortgage affordability calculators?
In short, the answer is yes! You can use HSBC’s mortgage affordability calculator to find out how much you may be able to borrow. You will need to enter details of your income, deposit, and the value of the property you are considering when using the calculator.
You can also access HSBC’s mortgage repayment calculator which will give you an idea of how much your mortgage payments could be. Your home may be repossessed if you don’t keep up repayments, so it’s advisable to use this calculator to give you a better idea of what you need to budget for.
Does HSBC have the best interest rate?
They offer competitive mortgage rates but that doesn’t mean they are the best on the market. For an up-to-date figure, check their website or use the live chat function on their app where an adviser will answer your query online.
Please note: the interest rate you are offered might not be the same that is advertised online. This is because they will take a number of factors into account before making you a mortgage offer.
Compare the mortgage market
There are over 90 different lenders in the UK and over 14,000 different interest rates and deals, so you don’t have to settle on HSBC if you aren’t happy with their rates of interest.
We have the tools available to compare all the deals on the market so think carefully before securing a deal with HSBC as we may be able to find you a better deal elsewhere.
Is there an easy way to remortgage?
Remortgaging isn’t always a straightforward process as it’s important to check the market for all the deals that are available before settling on the right one for you. You also have to take steps to improve your affordability. Therefore, we advise you to…
Get help from a broker
Chat with us about a remortgage and any other related questions before you switch to HSBC or another lender. We will make the process easier for you, saving you both time and effort during the remortgage process. From finding you a better deal than the one you have currently to completing your mortgage application on your behalf, we will be with you, every step of the way.
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Some brokers charge their customers a fee for their services but when you’re looking to save money, this can be an expense you don’t need. Thankfully…
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You won’t need to pay us a penny! As a whole of market, No- fee mortgage broker, there will be no hidden charges to cover if you use our services.
Search for an Independent Fee-Free Mortgage Broker
The best way to search for a free broker is to look online. But as you’re already on our website, why not give us a try? Our skilled advisers are waiting to hear from you right now (within our opening times), so if you would like to chat with us, use the contact details on our website.
Make sure you get a highly rated mortgage advisor
Don’t settle for second best with your remortgage. YesCanDo Money is a highly-rated mortgage broker and if you want evidence of our credentials, you can check our reviews and ratings here.
Use YesCanDo Money
We are One of the UK’s leading fee-free, independent & highest-rated mortgage brokers.
We are here to…
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- Support You With The Mortgage Application
If you are looking to make the switch to another mortgage, get in touch with us online and we will give you all the help you need. We look forward to hearing from you.
Here are our further remortgage guides for other lenders.