HSBC the worst conmen

[ranjitnarula]

I am a customer of HSBC (hopefully a good and profitable one) for the past 7 years. A few months back I decided to move my mortgage from my existing lender to HSBC and applied for the lifetime tracker mortgage (with the fee of £999). Whilst my application was being processed, I decided to change the product to the non fee option (though it had a higher rate of interest). I called their mortgage service centre and was told someone would get in touch with me regarding the change of product I had requested. I received no call from any of their representatives. The mortgage required a valuation of the property which went ahead through a 3rd party

Without any intimation to me, the bank went ahead and withdrew the fees of £999 from my account on 23rd Nov 2011. My calls to change the product were ignored and no call back was received despite various reminders to their call centre. Surprisingly on 28th November 2011 I received a letter from HSBC which clearly states that the valuation of my property against the mortgage was acceptable and HSBC were happy to go ahead with my mortgage. Clearly the fees should have been taken after the valuation of the property was completed whereas the bank took this from my account well before the letter was sent. My question to is: What would have happended if the property valuation was not sufficient to cover the mortgage? Would the bank have taken the fees and told me that they would not lend me the money?

The bank insists that the fees was payable to 'book' the deal and hence are refusing to refund the amount or take any notice of the point that the valuation was sent after the fees was taken from my account

I have raised this to the Financial Ombudsman. Does any one have a view of my chanves to win against a giant like HSBC?

[Moby Jones]

No. But I can honestly say that all of my business and mortgage dealings with HSBC have resulted in great customer service from courteous and proffesional staff.

At the time of application the rates were market leading too! I did consult a mortgage broker, and the expression on his face was amusing when I mentioned HSBC as firstly he could not beat their rates. And secondly they don't deal with middlemen who you may end up paying a fee tot just to find you a product you can probably find yourself.

[scrumpy jack]

I'm afraid I'm a loyal Barclays fan. They're just so friendly in there

[ComareTheMortgageMarket]

I have not heard that many great reviews of HSBC from my existing clients although I would be slightly biased with them not using brokers!