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Mervia56

HSBC Mortgage early Repyament Fees

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I’d appreciate some help and advice on my position here if possible.

 

 

I recently moved house and at the same time changed my mortgage arrangements.

 

 

At this time I had a HSBC mortgage and then took a new HSBC mortgage for the new property, with the old mortgage being settled as a result.

 

 

HSBC has charged me an early repayment fee on the original mortgage citing their Ts & Cs.

 

 

Initially I raised a complaint about this over the phone to which I received a response in writing. Subsequent to this I have tried to enter into a correspondence with them asking them to answer 2 questions which are the basis of my complaint. They responded to this letter by referring back to their original response and not answering me and referring me to the ombudsman.

 

 

I’m feeling pretty aggrieved having personally been a HSBC customer for 19+ years, having x3 current accounts, a credit card and most recently a mortgage (with the

 

all accounts are in good credit) – also not least of all their dismissal of my last correspondence which is not least of all very rude and poor customer service.

 

 

I would like to some help & advice on my position if possible on the following 2 points:

 

 

1) 1) The original Ts & Cs state that if I redeem the mortgage within the specified period then early repayment fees are applicable unless I take a new HSBC mortgage for the same amount, term and rate. It also seems to imply that the new mortgage should be the same product type (i.e. fixed, discounted) but to me it does not 100% read this way. My new mortgage is technically a higher amount, longer term, higher rate but a different product. Is there any movement on the Ts & Cs or how can I challenge this.

2) During the mortgage application process (online) there was no alert or warning to advise of the possible charge being applied if I did not select a similar product (even utility and other service providers would do this). Post application I received a letter stating that the original mortgage had received a redemption request from the new mortgage and that the amount was satisfactory to cover the balance. The balance of the account was stated with no fees included and no warning of a possible charge for early repayment.

2)

 

2) Lastly, during the conveyancing process, the solicitors acting for me were sent a redemption statement. This statement was not sent to me by HSBC nor shared with me by the solicitors – the solicitors provided me a completion statement which showed the net figure to redeem the mortgage but not an itemisation as sent to them by HSBC. My questions here is should HSBC have alerted me to the possible charges and provided me directly the itemisation of the redemption including the fees and as such how can I challenge this? As a note I had another mortgage with the Newbury before moving to HSBC and they provided both me and the solicitor with a redemption statement.

Any help and advices would be greatly appreciated

 

Merv

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Yes, it looks like that is my only recourse available in this case - personally I think they are being unreasonable but I suppose I am a bit biased!

 

I'll send a complaint to the Ombudsman and see what how it pans out....

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