When you move, move your HSBC mortgage rate too
Take a look and see what best describes your move:
- You need a bigger mortgage – you can move your rate and if you need to, you can borrow more on a new rate at the same time.
- You want to borrow the same amount – you can move your rate to your new home, so you won’t have to pay an early repayment charge (ERC).
- You need a smaller mortgage – you can move a smaller amount of your current mortgage and rate to your new home. However, you may pay an ERC on the amount you don’t take with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Early repayment charges (ERC)
If you buy a new home and move your HSBC mortgage over to the new property for the same amount, same rate, and same rate expiry date as your current mortgage, you won't pay an early repayment charge (ERC).
There are times when you would need to pay an ERC:
- If you choose a new rate and decide not to port your existing mortgage rate.
- If you're borrowing less than your current mortgage balance and want to port your mortgage rate, you may pay an ERC if the amount you want to pay off is above your remaining annual overpayment allowance. For example, you might have a mortgage balance of £100,000 and a remaining annual overpayment allowance of £10,000. If you wanted to port £85,000 to your new home, this would be a £15,000 reduction to your mortgage. There would be an early repayment charge on the £5,000 which is above your remaining £10,000 overpayment allowance.
- If you pay your mortgage off and then buy a new home at a later date, you’ll need to initially pay the full ERC. This can be refunded if you apply for your new mortgage and complete your new purchase within 6 months of your old mortgage being repaid. You need to borrow the same amount as your mortgage closing balance, at the same rate and with the same rate expiry date for the full refund.
You can move your HSBC mortgage rate online if:
- you're registered for online banking
- your new mortgage will be completed within 6 months of your existing mortgage being repaid
- you have more than 3 months remaining on your current rate
You’ll need to complete a new mortgage application to move mortgage rate when you're buying a new home. You'll need to meet our affordability criteria and the new property will need to meet our lending and valuation criteria.
Thinking about moving home but your rate is coming to an end?
Move your mortgage rate by phone
If you don't meet the above criteria or you need support from our expert Mortgage team, give us a call to move your HSBC mortgage rate to your new property.