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HSBC Mortgages - do not touch

madamdragon

Posts

EW NEWBIE

Latest post on 22 September 2011 - 10:24

HSBC are regulated by Jersey FSA which of course makes life easier than if you had to go through the central bank so are subject to western standards of regulation. I used to work for a regulator in the UK myself so am familar with how it works. I hoping I can bring a case through the DIFC courts has HSBC have offices there. Being a lawyer I am also fairly confident about the contractual laws here. So i'll keep you posted with how I get on.

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spongemonkey980

4329

Posts

EW MASTER

Latest post on 21 September 2011 - 21:37

There are redemption penalties on all mortgages - that is why you get discounted rates initially. It also depends on what kind of mortgage you have....... so don't think you can slate all of HSBC for your own personal issue ?

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AdviceSeeker13702

1100

Posts

EW OLDHAND

Latest post on 21 September 2011 - 19:27

I took a Mortagage out with HSBC in 2003 - yes that long ago. As part of my terms and conditions if i repaid the mortgage within 3 years of draw down I would have to pay a 1% early repayment fee. we are well out of the 3 year period I have never received any amendment to that document and I am now paying back my mortgage. They tell me I have to pay a 3% redemption penalty. Well I am going to fight them tooth and nail. Fortunatily they are regulated by Jersey so I am able make a complaint through there. I am also tempted to take them through the courts here - I work in that field so I'm not to dettered by it. I am just so fed up with such organisations thinking they can treat the ordinary person like this and we will take it sitting down. Well not this time. Thanks for posting this. I was wondering though, how do you take a bank to court here, and is it really worth it? a friend of mine has been ripped off by a bank here, and although I told her to fight it she said there's no real way of doing it here, would be interested to know if there is anywhere you can report problems like this to. We had this discussion about taking our bank to court over something, we were told by our lawyer, that it's too political and no one will touch it. The banks here have little to do with their International counterparts, apart from the name. Thats pretty much what my friend said, but its just so unfair you'd hope there was a way to report it... guess it will just have to be the curses under breath for now :(

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Chocs0137540

3804

Posts

EW MASTER

Latest post on 21 September 2011 - 19:25

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AdviceSeeker13702

1100

Posts

EW OLDHAND

Latest post on 21 September 2011 - 19:24

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Lady Bubbles29805

712

Posts

EW GURU

Latest post on 21 September 2011 - 19:10

Juat paid off our mortgage with NBD, thank heavens just at the 1% we had signed up for!

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melbell369

143

Posts

EW NEWBIE

Latest post on 21 September 2011 - 19:09

Barclays and Tamweel have done the same, Barclays stated that if you sold within the first 3 years the penalty would be 3% and then 1% after the 3 years. Just received a letter saying they have changed their fee structure and now it is 3% regardless how long you have owned the property. Tamweel is 4%.

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Chocs0137540

3804

Posts

EW MASTER

Latest post on 21 September 2011 - 18:07

Can I ask the question, that if it stated the rate for the first 3 years was 1% - didn't you 'expect' it to change after that? As one would assume that it would. Not saying that they shouldn't have informed you, but still. There's pretty much no regulation here, they do what they want.

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