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HSBC: Fixed Rate Mortgage reviews

Name: Fixed Rate Mortgage
Rating: 3.74 (90 reviews)

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3.60

Based on 90 reviews, last reviewed 20th Jun 2024

100% decrease in 5 star reviews

in the past 90 days

100% decrease in 1 star reviews

in the past 90 days

47%

23%

20%

Latest highest rating:

4

Best available rate in the market when booked. Best available rate in the market when booked. No problems and mortgage sorted in 2 weeks Reviewed on: 18th June 2024

Latest lowest rating:

1

Lying con artists, should be banned As per my contract I could port my 5 years fixed mortgage. Sold my house, struggled to find another one, finally did and HSBC said they can't offer me... Read more Reviewed on: 20th June 2024

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About this product

HSBC is a financial services provider offering a range of products and services, including a variety of mortgages. A fixed rate mortgage has a set interest rate that lasts a specific period of time, usually between two and five years, but sometimes up to ten. Make sure you’re confident with the terms, conditions and interest rate of a mortgage. Always ask the lender or an independent advisor if you need help understanding your options.

Buying a house is a big financial decision in anyone’s life, so finding the right mortgage is important. At Smart Money People, we collect HSBC fixed rate mortgage reviews to make your decision-making process easier. Gain valuable insight by reading genuine experiences from existing borrowers.

If a fixed rate mortgage sounds right for you, learn more about HSBC’s product on Smart Money People. Find out why borrowers chose this mortgage and how satisfied they’ve been throughout the term. Learn more about the application process and how supportive HSBC was throughout. Find out the main pros and cons of the product. Make an informed decision when choosing your new mortgage by reading our HSBC fixed rate mortgage reviews.

Perhaps you’re already an HSBC fixed rate mortgage customer? Why not share an honest review with our community? Tell us why you chose the product and what the main pros and cons you’ve experienced are. Did you encounter any problems throughout the process, and if so, how well did HSBC handle them? Has the lender kept you up to date with any important mortgage news or updates? Whether good or bad, write a HSBC fixed rate mortgage review today. Together, we can help people like you make better financial decisions.

HSBC Fixed Rate Mortgage reviews (90)

Review of the HSBC, Fixed Rate Mortgage:

OK but disappointed with product choice and service

They did well to meet my tight deadline, but unimpressed with the initial setup of the mortgage. I applied online for a remortgage but was forced to use "advice" (that I didn't want) because I was staircasing (buying out 100% of shared ownership). This seems a bit ridiculous - as on completion it becomes a standard mortgage, but I jumped through the hoops to get the appointments etc. Only positive is that it seems to have gone into a faster underwriting queue by going direct vs. on the website, but still wasted a lot of my time. Most unimpressed about lack of 10 year product when I applied last year - I would've taken this at any reasonable rate, but there was none at all - only 2, 3 or 5. I have a 5 year product, but when this runs out I'll now have to pay significantly more (every man and his dog could see interest rates were at record lows early last year and only going one way). Funnily enough now returns are so much higher for them, 10 year products are available from them and FD, which leaves a sour taste in my mouth. Also not easy to see my indexed valuation, although you can calculate it (balance divided by estimated LTV) but have to start a new product transfer application to do that. Reviewed on: 17th June 2023

May as well organise a mortgage yourself

Used HSBC for the mortgage on a new property. Simply put we were 'porting' our current HSBC mortgage from the old to the new house and taking out a second HSBC mortgage to cover the difference. The maths was Mortgage 1 + mortgage 2 = the price of the new house (minus what we put in in terms of equity on the old property) HSBC applied the following maths. Mortgage 1 - mortgage 2 = £97,000 short of what we needed. I voiced concern this was wrong and this was ignored for 10 weeks straight, despite repeated e-mails and phone calls. 2 days before exchange our lawyers got involved and pointed this out. HSBC finally accepted the mistake as one of the advisors having made a cock up. I expressed dismay that the mistake wasn't picked up by underwriting and the fact theres a single point of failure that can go all the way through to exchange. I wrote a letter asking HSBC to alter their procedures so no single mistake could go through to exchange without a second check to detect it, a relatively easy process to employ. HSBC refused stating it was 'too difficult' to implement this. From someone that works in a safety related industry where procedures change the whole time I know this not to be true. HSBC then suggested it was the lawyers that were to blame, ironic when it was the lawyers that THEY INSISTED i use. That cost me £1004 in cancelled legal fees from the original lawyers I instructed. Again HSBC denied any wrong doing as it's in their terms and conditions. I might also remind them 'learning from mistakes and putting things right is also in the T&Cs but they failed to do that by refusing to change very poor procedures. HSBC then went on to suggest I was the second line of defence on mistakes and I should have picked up the mistake. I pointed out I was not a financial adviser but I had highlighted a mistake and I had been ignored. Ironically then HSBC seemed to ignore me when I further pushed this point. I would summarise they actively encourage weak procedures so they can use plausible deniability. In the end I was offered £250 and the ombudsman agreed this was fair because the legal issue and the procedures issue they do not look into as it's not their area of responsibility. I contacted the FCA who seemed largely disinterested but 'added it to their statistics'. Now i know how the 2008 financial crash occurred. In my industry this standard would not be accepted. Taking my mortgage and bank elsewhere at the end of my fixed mortgage term. That will cost HSBC a lot more than £1004 i can assure them. In summary a totally incompetent and mismanaged process, and very unlikely to be a one off given the weak procedures to prevent such things happening. Reviewed on: 3rd July 2019

Extremely disappointed

I've been baking with HSBC for over 8 years, and have had a great relationship with them, until applying for a mortgage online. The process was extremely fast and I thought this was a good sign, until they made a decision on my application in 3 days and declined my application on my credit score, which is rated as very good by both Experian and Equifax. I'm lost for words with HSBC as they are clearly incapable of accepting applicants that don't meet their stringent criteria, of which I have asked HSBC to clarify on how I can apply again in the future with better Hope's, and they simply replied with "we cannot share this information and it is commercially sensitive". HSBC don't take into consideration loyal customers and I will certainly stop banking with them until the foreseeable future, really is their loss. Reviewed on: 18th June 2019

Review

Just a test review ............... Reviewed on: 13th June 2019

easy and fast

good experience no issues during the process and all got sorted as needed. Reviewed on: 16th April 2019

Standard product, slow service

The people at the bank were good and knew what they were doing but the people on the phone were clueless. It took about 7 phone calls to establish that they did in fact have all the info they needed. All smooth sailing after it was approved though. Reviewed on: 16th April 2019

Box Tickers

I bank with HSBC personally and the company also banks with them, and this part of the bank is fantastic, but the mortgage section is on a different planet. In essence they are looking for any tick box reason not to process your application, they are slow, it is beyond them to use common sense, and even when you send them every thing they ask for still no action. In short great bank, excellent interest rates, absolutely rubbish mortgage department. Reviewed on: 15th March 2019

Bank bank

Love HSBC best mortgage deals anywhere. Also taken out affordable loans Reviewed on: 10th February 2019

Enabled us to get the house we truly wanted.

The whole process was friendly, simple and efficient when applying in person. All staff were knowledgable and professional. The rates offered to us and mortgage term times enabled us the peace of mind that we can afford the house thats right for us, the one we had truly set our sights on. Having banked with HSBC for over 15 years and having had a previous mortgage with them with no issues from either meant it was a definite choice to stick with them. Reviewed on: 1st January 2019

Dreadful

Ask if they use QCAS legal? If they do say BYE. QCAS legal are very poor communicatotors and will cost you more more money. I am in the 5th month of a small remortage that I have spent over £1000 to set up. Reviewed on: 29th December 2018

Difficult on the phone

Very good in person but terrible on the phone at what they think is still needed to progress. After a lot of trouble we got there in the end! Reviewed on: 25th November 2018

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