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HSBC to launch 1.99% mortgage

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HSBC is to relaunch its two-year discounted mortgage at 1.99% at up to 60% LTV after taking it off the market last year.

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.

 

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Readers' comments (15)

  • When are lenders going to wake up to the fact that we need the deals at the 90%/95% ltv end of the market.

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  • Not particularly worried about this as a broker. A discounted rate from the SVR, with tie ins I imagine? If it was a BBR Life Time Tracker with no tie ins then potentially damaging but as HSBC won't allow fees to be added to the loan and these need to be paid on application, it will deter most customers who are borderline. What does worry me is how HSBC seem to be exempt from TCF and Data Protection by with holding bank statements to customers taking advantage of other institutions mortgages until the customer sits with their advisers, come on FSA, lets see your teeth!

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  • Damm !!

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  • HSBC are now so big that the FSA will do little or nothing to bring them into line!

    Can you imagine the FSA if we were to withold any information from OUR clients?

    They are rapidly becoming an oversized thug in this market place....

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  • With low income multiples and the highest level of applicant scutiny, this product will only benefit a small number. Of no concern.

    Tony'scomments above regarding 90/95% deals hits the nail on the head. Until we see high loan to value deals the property market will continue to stagnate.

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  • I agree. The only problem being that some new clients are "tyre kickers" and will treating a mortgage like shopping around for car insurance and will always go for a headline rate. Suppose the up front fee is a bonus for brokers.

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  • 95% deals will help the market for sure but until there is some specialist lenders out there the market will continue to stagnate. People have had to prioritise payments during the downturn with the mortgage payments taking priority over unsecured debts. This may have lead to some adverse credit for people who have done the perceived correct thing and paid the mortgage above all else. Once they are back to stability are they really unmortgageable? Common sense lending decisions required to kick start the market.

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  • Not particularly worried about this as a broker. A discounted rate from the SVR, with tie ins I imagine? If it was a BBR Life Time Tracker with no tie ins then potentially damaging but as HSBC won't allow fees to be added to the loan and these need to be paid on application, it will deter most customers who are borderline. What does worry me is how HSBC seem to be exempt from TCF and Data Protection by with holding bank statements to customers taking advantage of other institutions mortgages until the customer sits with their advisers, come on FSA, lets see your teeth!

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  • Not worried at all, they are only approving 1 in 5 of all applications anyway, i really dont know what they are playing at, it may bring other lenders to this rate but who knows

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  • When will you guys realise that lenders will only go back into the high LTV market if they can find suitable third party collateral (I would give my eye-teeth to be able to find an acceptable indemnifier and corner the market). And as for the comment about the need for specialist lenders, does it not occur to the correspondent that there are no longer any specialist lenders because they took on unacceptable risks and no longer exist as lenders. I wonder if you would lend your own money to some of these people that you want lenders to pander to?

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