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 an HSBC 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 charge, and if your mortgage is with HSBC, the HSBC early repayment charges.
If you wait until after your HSBC fixed rate has lapsed before you remortgage, you will fall onto the HSBC 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.
HSBC Early Repayment Charges
Below is a table which lists the early repayment charge amounts for HSBC over the fixed term.
| Fixed Rate Deal Period - (HSBC Early Repayment Charges) | |||||
|---|---|---|---|---|---|
| 2 year fixed | 5 year fixed | ||||
| Year 1 | 2% | 5% | |||
| Year 2 | 1% | 4% | |||
| Year 3 | 3% | ||||
| Year 4 | 2% | ||||
| Year 5 | 1% | ||||
This information is correct and true as of the 5th of December 2022. These charges are applicable on new mortgages with the lender and could be different for existing/historical mortgages.
It has been our observation that with the recent interest rate increases, sometimes it can make financial sense to pay the early repayment charge. In situations where it makes sense to pay the ERC, it is usually to grab a great fixed rate before it rises further. Sometimes the ERC will cost you less than waiting and end up with a rate that is higher and costs more in the long run. – Grant Humphries (Mortgage Adviser at YesCanDo Money)
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 an HSBC Decision in Principle.
The HSBC mortgage 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 HSBC Decision in Principle, you can then apply for a new mortgage. You can do this by entering your details on the HSBC 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 the HSBC mortgages with the other deals on the market and will advise you on which might be better for your financial circumstances.
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 (YesCanDo Money CEO)
Related article: HSBC Mortgage Cashback 2 & 5 year fixed rate deals
When can I remortgage with HSBC mortgages?
You can start an HSBC 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 an HSBC mortgage, 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 the HSBC website for details about your loan and you should be able to get the information you need from the paperwork you got on your HSBC mortgage offer.
For further information, give them a ring, start a chat with a mortgage adviser on the HSBC UK Mobile Banking 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 an HSBC mortgage, 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.
I have a HSBC buy to let mortgage
If you have an HSBC buy to let mortgage then the advice is exactly the same as an HSBC remortgage which is an HSBC residential mortgage. It is our experience as a mortgage broker that the HSBC buy to let mortgage rates are not very competitive as they do not specialise in Buy to Let mortgages. This is good news! We have experience in saving clients considerable savings by finding them far lower interest rates. Talk to one of our mortgage advisers today and see if you can save money too!
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?
HSBC offers competitive mortgage rates but that doesn’t mean that HSBC has the best mortgage interest rates 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 HSBC interest rate you are offered might not be the same as 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 rates if you aren’t happy.
As Mortgage brokerswe have the tools available to compare all the deals on the mortgage market so think carefully before securing an HSBC remortgage deal 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.
Introducing the Fee-Free mortgage broker
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…
We’re a fee-free broker
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
HSBC Mortgage Advisor – YesCanDo Money
We are One of the UK’s leading fee-free, independent & highest-rated mortgage brokers.
We are here to…
- Get You The Best Remortgage Deal
- Reduce The Repayments On Your Mortgage
- Support You With The Mortgage Application
Interested?
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.
