You are here: Home - News -

HSBC extends mortgage product transfer window by a month

by:
  • 02/09/2022
  • 0
HSBC extends mortgage product transfer window by a month
HSBC will allow its mortgage customers on fixed or tracker rates to secure a new deal a month earlier than usual without incurring an early repayment charge (ERC).

The bank confirmed that from today, borrowers can reserve a new mortgage rate 120 days before their current one matures instead of the previous 90 days. 

HSBC said as rates are increasing, this extension could make “an important difference” in a borrower’s monthly mortgage payment. 

Michelle Andrews (pictured), head of buying a home at HSBC UK, said: “In recent years we have seen and enjoyed low mortgage rates, but over the last few months interest rates have been increasing, for a number of reasons.

“As rates have recently been creeping up, we know that securing a new deal before rates potentially change again is important in terms of cost-management but also for peace of mind for our customers. 

“We know that many homeowners will be looking to review their mortgage deal earlier than usual. By extending the window where customers can select a new rate with us, this could help customers during what could be a stressful and challenging time for them.” 

This move follows the likes of Barclays and Natwest, with the former increasing the transfer window from 90 to 150 days and the latter extending the period from four to six months. 

There are 0 Comment(s)

You may also be interested in