Customers moving to HSBC face no booking fee, standard valuation fee or completion fee, meaning those whose current lender do not charge an exit fee can switch to a tracker at no cost, other than any early repayment charge payable to their current lender.
At any time during the tracker rate term, borrowers will have the freedom to apply to ‘switch' from a tracker rate to any fixed rate available, without paying any early repayment charges.
As an added extra for customers who apply for a tracker with no fees during the HSBC ‘Your Home' campaign period, the lender will ensure that until 31 December 2012 there is always a fee-free fixed rate available for the borrower to apply for, provided that their mortgage is no more than 80% of the property value.
Customers will also be able to apply to ‘switch' their mortgage rate through the channel of their choice; in branch, over the phone or online.
This offer will be available to all customers: remortgagers, first-time buyers and homemovers. HSBC will also pay the legal costs involved in transferring the mortgage from their existing lender.
Stuart Beattie, head of mortgages at HSBC, said: “Homeowners are telling us that they are looking for a low cost way to move to a better value mortgage to help with their monthly budgets.
“Our zero fee trackers allow them to reduce monthly outgoings with minimal hassle and cost. Borrowers with a lender which charges no exit fee can switch to a lower rate at no cost at all.”
