HSBC increases SVR to 4.74%

HSBC will increase its home buyer mortgage variable from 4.49% to 4.74% from December 2 2003.

The rate for large advances of £250,000 or over will also increase to 4.49%. Both rates will apply to existing and new customers.

Tony Ashford, general manager, personal banking at HSBC, says: “While interest rate increases are generally not good news for homeowners, HSBC mortgage customers can be reassured by that we are only matching the rise in the base rate, not exceeding it.”