The product will be available from March 15 and comes with a £999 booking fee and a maximum loan size of £250,000.
The lender originally launched the 1.99% deal, representing a 1.95% discount from HSBC’s SVR, last September.
The deal was available for two months before it was taken off the market, and will now be relaunched on March 15.
HSBC’s current range includes another two-year discounted deal at 2.94% at up to 70% LTV with a £499 fee.
There is a five-year fixed rate deal at 4.64% up to 60% LTV and with a £999 fee, and a lifetime tracker at 3.49% up to 75% LTV with a £599 fee.