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HSBC Mortgage Switch for Existing Customers

Switching your mortgage rate with HSBC can be a smart move for existing customers. This process, known as an HSBC product transfer, allows you to switch to a new mortgage deal without changing lenders.

This guide will cover everything you need to know about an HSBC product transfer, HSBC product transfer rates for existing customers, and how working with a mortgage broker can simplify the process. If you have any questions, feel free to get in touch for free mortgage advice and support.

Your HSBC Product Transfer

A product transfer is also known as a HSBC mortgage switch. It is an option that is open to existing customers and is when you switch your current mortgage deal while staying with your existing lender.

You don’t have to remain with the same lender when your fixed-rate deal ends. However, if you choose to stay with your current lender you can switch to a shiny new HSBC mortgage product. This can often lower your monthly mortgage payments and save you money, especially if you are on a standard variable rate.

Staying with Your Current Lender Means…

  • Switch to their latest best Fixed or Tracker deal

  • No credit checks, income checks, or valuation fees required

  • It takes as little as 15 minutes – see your options online instantly

  • FREE Mortgage Transfer service – so it doesn’t cost you a penny

  • Lock in your best mortgage rate up to 6 months before your deal expires

  • Faster and simpler than a remortgage

  • Bad credit/missed payments, are not a problem (if the mortgage is up to date)

We transfer mortgage rates for hundreds of customers every month. If you don’t need to consolidate or borrow more funds, or it’s not the right time to remortgage, an HSBC product transfer might be the perfect solution.

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    Current HSBC Product Transfer Rates for Existing Customers

    As an existing mortgage customer of HSBC, you can access various competitive mortgage interest rate options tailored to you.

    Below are the current residential and buy-to-let HSBC product transfer rates for existing customers as of 10th July 2024, helping you make an informed decision about your mortgage needs.

    HSBC Mortgage Switch Rates – 60% LTV

    HSBC mortgage rates for existing customers as of July 10, 2024 

    Type Rate Fee Max LTV
    2 Year Fixed 4.67% £999 60%
    2 Year Fixed 4.92% £0 60%
    3 Year Fixed 4.58% £999 60%
    3 Year Fixed 4.84% £0 60%
    5 Year Fixed 4.19% £1,499 60%
    5 Year Fixed 4.22% £999 60%
    5 Year Fixed 4.47% £0 60%
    2 Year Tracker 5.39% £999 60%
    2 Year Tracker 6.09% £0 60%

    HSBC Mortgage Switch Rates – 75% LTV

    HSBC mortgage rates for existing customers as of July 10, 2024 

    Type Rate Fee Max LTV
    2 Year Fixed 4.74% £999 75%
    2 Year Fixed 4.97% £0 75%
    3 Year Fixed 4.69% £999 75%
    3 Year Fixed 4.89% £0 75%
    5 Year Fixed 4.34% £1,499 75%
    5 Year Fixed 4.37% £999 75%
    5 Year Fixed 4.59% £0 75%
    2 Year Tracker 5.49% £999 75%
    2 Year Tracker 6.09% £0 75%

    HSBC Mortgage Switch Rates – 85% LTV

    HSBC mortgage rates for existing customers as of July 10, 2024 

    Type Rate Fee Max LTV
    2 Year Fixed 4.95% £999 85%
    2 Year Fixed 5.29% £0 85%
    3 Year Fixed 4.89% £999 85%
    3 Year Fixed 5.19% £0 85%
    5 Year Fixed 4.53% £1,499 85%
    5 Year Fixed 4.56% £999 85%
    5 Year Fixed 4.79% £0 85%
    2 Year Tracker 5.69% £999 85%
    2 Year Tracker 6.34% £0 85%

    HSBC Mortgage Switch Rates – 90% LTV

    HSBC mortgage rates for existing customers as of July 10, 2024 

    Type Rate Fee Max LTV
    2 Year Fixed 5.28% £999 90%
    2 Year Fixed 5.55% £0 90%
    3 Year Fixed 5.18% £999 90%
    3 Year Fixed 5.44% £0 90%
    5 Year Fixed 4.80% £1,499 90%
    5 Year Fixed 4.83% £999 90%
    5 Year Fixed 5.02% £0 90%
    2 Year Tracker 5.69% £999 90%
    2 Year Tracker 6.34% £0 90%

    HSBC Buy to Let Fixed Mortgage Rates for Existing Customers

    HSBC mortgage rates for existing customers as of July 10, 2024 

    Type Rate Fee LTV Term
    2-year Fixed BTL 5.33% £0 60% 30/09/26
    2-year Fixed BTL 4.69% £1,999 60% 30/09/26
    2-year Fixed BTL 5.48% £0 75% 30/09/26
    2-year Fixed BTL 4.88% £1,999 75% 30/09/26
    5-year Fixed BTL 4.68% £0 60% 30/09/29
    5-year Fixed BTL 4.44% £1,999 60% 30/09/29
    5-year Fixed BTL 4.87% £0 75% 30/09/29
    5-year Fixed BTL 4.55% £1,999 75% 30/09/29

    HSBC Mortgage Switch Eligibility

    You can complete a product transfer mortgage switch under the following circumstances:

    • You are an existing HSBC UK mortgage customer

    • You are on a Fixed Rate, Term Tracker, Lifetime Tracker, or Standard Variable Rate

    • If you have a joint mortgage and one of the parties has passed away, you can complete a product switch as the surviving borrower, provided the mortgage is still in joint names. Please ensure that you have already notified the HSBC UK Mortgage Service Centre of your deceased partner.

    Product Switch Exclusions

    Your application may not proceed under the following conditions:

    • Any account in arrears

    • Any account with consent to let

    • If there is already a product switch application in progress

    • More than six loan parts

    • More than two applicants

    • Any additional changes to the mortgage (e.g., change of term)

    • If the property is shared ownership

    • Less than two mortgage payments left

    • More than two loan parts tracking in different currencies

    6 Benefits of HSBC Product Transfer Mortgage Switch

    HSBC values its existing mortgage customers and offers several benefits when they choose to switch to a new deal:

    1) Dedicated Rates for Existing Customers

    HSBC values its loyal customers. As a gesture of appreciation, they offer exclusive mortgage rates to customers having an existing HSBC mortgage, ensuring that existing clients always have access to the most competitive deals in the market.

    2) Quick and Easy Process

    Since you’re already an HSBC customer, the process to switch rates is streamlined. It’s notably faster than moving to another mortgage lender, which can often take between 4 and 8 weeks. And when working with a mortgage broker, the process becomes even quicker, ensuring a smooth transition to your new rate. If you have left it to the last minute, don’t panic; let us at YesCanDo fast-track your product transfer.

    3) Advanced Rate Selection

    With HSBC, planning is rewarded. You can lock in a new mortgage rate up to 180 days before your current one expires. This foresight ensures you’re always on the best interest rate without early repayment penalties.

    4) No Credit Check or Full Application

    Switching interest rates within HSBC is a breeze. They trust their existing customers, which means no credit checks or tedious paperwork. It’s all about making your experience hassle-free.

    5) Digital Property Valuation

    No more waiting for property appraisers. HSBC uses advanced digital tools to quickly and accurately assess the value of your property, saving you both time and effort.

    6) No Need for a Solicitor

    Stay within HSBC, and you’ll enjoy a seamless transition. There’s no need for legal consultations or solicitor involvement, making your switch straightforward and cost-effective.

    The Process of an HSBC Product Transfer

    Switching your mortgage rate with HSBC is a straightforward three-step process. As a fee-free broker, we handle everything on your behalf, so you don’t need to go directly to the lender.

    1) Get Ready to Switch

    HSBC will send reminders as your rate’s end date approaches. You can choose a new deal up to 180 days in advance or switch anytime, keeping in mind any early repayment charges. As your fee-free broker, we will monitor these reminders and keep you informed, ensuring you know all your options.

    2) Choose Your Rate

    Review the latest rates available for HSBC mortgage customers. Based on your mortgage balance and property value, we will help you select the most suitable rate for your needs. Our expertise allows us to compare rates and find the best deal for you, taking the hassle out of the process.

    3) Renew Your Rate

    Once you’ve decided on a rate, we will handle the entire switching process for you. You can switch online, even without being registered for online banking. If you need assistance, our team is ready to help every step of the way. We manage all the paperwork and communication with HSBC, ensuring a smooth transition to your new rate.

    By choosing our expert free mortgage services, you ensure a hassle-free experience as we take care of all the details, allowing you to benefit from the best rates without any extra effort on your part. With our fee-free service, you get expert advice and comprehensive support without any additional cost.

    How to Avoid Early Repayment Charges

    Navigating the intricacies of early repayment charges can be challenging. However, with the expertise of a mortgage broker like YesCanDo Money, you can better understand and potentially avoid these charges when considering a mortgage switch.

    Understanding Early Repayment Charges

    When considering a product transfer, it’s essential to be aware of any early repayment charges that may apply. These charges are typically applicable if you decide to overpay using the annual overpayment allowance, switch, or repay your mortgage before your fixed or discounted period ends.

    How to Navigate Potential Charges with a Broker’s Help

    A knowledgeable mortgage broker can guide you through the nuances of your mortgage agreement, helping you understand any potential charges. Consulting with a broker can also provide strategies to minimise or even avoid these charges, ensuring a smooth transition when switching your existing deal.

    Product & Term Period Charges End Date
    2 Year Fixed 1 3% until 30/09/25 30/09/26
    2 2% until 30/09/26
    3 Year Fixed 1 4% until 30/09/25 30/09/27
    2 3% until 30/09/26
    3 2% until 30/09/27
    5 Year Fixed 1 4% until 30/09/26 30/09/29
    2 3% until 30/09/27
    3 2% until 30/09/28
    4 1% until 30/09/29
    2 Year Tracker 1 0.75% until 30/09/25 30/09/26
    2 0.50% until 30/09/26
    Start your HSBC Mortgage Switch Today
    Navigate the HSBC mortgage switch with ease and expertise. Make a smooth transition with YesCanDo Money's guidance!

    6 Ways a Broker Can Help with Your HSBC Product Transfer

    Working with a mortgage broker, especially one as reputable and fee-free as YesCanDo Money can significantly enhance your HSBC product transfer experience. Here’s how:

    1) Expert Guidance at Every Step

    With YesCanDo Money, you’re not just getting a service; you’re gaining a partner. Our team of experienced brokers will guide you through every step, ensuring you make informed decisions.

    2) Access to Exclusive Deals

    Our established relationship with HSBC means we often have access to special rates and deals that might not be available to the general public. Our advisors will inform you of the fixed and tracker rates open to you and provide advice on what would be most beneficial.

    3) Hassle-Free Paperwork

    Mortgage paperwork can be daunting. With YesCanDo Money handling the bulk, you can be assured that the mortgage application and all related documents are correctly filled out and submitted on time.

    4) Time-Saving

    Instead of navigating the product transfer process alone, our brokers will handle the complexities, allowing you to focus on other important matters.

    5) Personalised Service

    Every homeowner’s situation is unique. We take the time to understand your specific needs and tailor our services and advice accordingly, ensuring a smooth product transfer.

    6) Peace of Mind

    With our track record of satisfied customers and successful product transfers, you can rest easy knowing you’re in capable hands.

    Partnering with YesCanDo Money simplifies the HSBC product transfer process and ensures you get the best possible deal tailored to your needs.

    Start your HSBC Mortgage Switch Today
    Navigate the HSBC mortgage switch with ease and expertise. Make a smooth transition with YesCanDo Money's guidance!

    Frequently Asked Questions

    Switching a mortgage can raise several questions. We’ve compiled some of the most common queries to help you understand the process better.

    Absolutely. However, if you wish to alter your mortgage term while securing a new deal, a fresh mortgage application is necessary. This can be accomplished online or through a scheduled call with an HSBC adviser. If you're contemplating relocating and desire to retain your existing mortgage, you can request to maintain your current deal until its expiration. For additional borrowing or if downsizing with a fixed rate, certain conditions and charges may apply.

    HSBC utilises the House Price Index (HPI) for property valuation rather than manual assessments. This method leverages regional house price trends to estimate your property's value. If your mortgage's fixed term is nearing its end and you've received correspondence from HSBC, this HPI valuation will be detailed in the letter. This can speed the process up however if you have had major renovations that will have increased the property value tell one of our mortgage advisers who will be able to arrange a home visit by a valuer.

    Your mortgage account number is accessible on your mortgage statement or offer letter. Alternatively, you can retrieve it by logging into your online banking and navigating to the 'My Accounts' section.

    If you decide against switching rates when your current HSBC fixed-rate or 2-year tracker mortgage concludes, you'll transition onto HSBC's Standard Variable Rate. This rate is subject to change, implying that your monthly payments might fluctuate and are usually higher than any other rate they offer.

    Typically, document submission isn't required for a rate switch. However, if you seek advice from HSBC's specialist mortgage team prior to switching, they might request supplementary documents to ensure they provide tailored advice. If any documentation is needed, they'll inform you accordingly.

    Certainly, you retain the flexibility to reconsider your decision throughout the switching process until the activation of your new mortgage rate. Post this period, you'll be subject to the terms and conditions of your new mortgage, which might encompass early repayment charges for subsequent rate changes.

    You can port your HSBC mortgage to a new property if:

    • You have at least six months left on your current HSBC mortgage rate.
    • Your existing HSBC mortgage is repaid simultaneously with the drawdown of the new HSBC mortgage.

    You cannot port your HSBC mortgage if:

    • Your mortgage account is in arrears.
    • There are more than two applicants.
    • There is an HSBC product switch application in process.
    • There is a marital dispute.

    For more information, see our HSBC Porting Mortgage Guide

    You can borrow more on your HSBC mortgage for reasons such as home improvements, debt consolidation, and buying other property. However, HSBC will not lend for investment or business purposes. The minimum additional borrowing amount is £10,000, and the total borrowing cannot exceed 90% of your property value.

    You cannot borrow more on your HSBC mortgage if:

    • You need to pay off a second charge secured against the same property.
    • You want to purchase adjacent land.
    • You need to extend the leasehold on a flat or maisonette.
    • Your mortgage account is in arrears.
    • There are more than two applicants.
    • You require debt consolidation above £50,000 (unless you are an HSBC bank account holder).
    • Additional borrowing has been taken within the last six months.
    • Any account has consent to let granted.
    • There is a marital dispute.
    HSBC Mortgage Advisors

    Start your HSBC Mortgage Switch

    Please call us, WhatsApp us or fill in our contact form and one of our advisors will be in touch.
    Grant Humphries (CeMAP)
    Grant Humphries (CeMAP)

    Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape

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