HSBC has today announced the launch of the lowest ever five-year fixed rate mortgage.
The bank has confirmed that borrowers with a 40 per cent deposit or equity will now qualify for a fixed rate of 2.99 per cent for five years.
HSBC head of mortgages Peter Dockar says “Every borrower has different needs from their mortgage. We recognise that many are looking for certainty with their mortgage payments over the longer term and have launched these products to meet that demand.”
“This is the lowest ever five year fixed rate to come to the market and with the security of our retail deposit funding we are committed to offering competitive rates to benefit our customers with what is for many, their largest monthly commitment.”
HSBC is also offering a seven-year fixed rate mortgage at 3.99 per cent. Both products come with a £1,499 booking fee.
HSBC has also launched; a 60 per cent LTV 2.49 per cent two Year discount (1.45 per cent discount off HSBC SVR) with a £499 fee, a 60 per cent LTV 2.99 per cent fee-free lifetime tracker (2.49 per cent above BoE BR); a 90 per cent LTV 3.84 per cent fee-free two year discount (0.10 per cent discount off HSBC SVR); and a 90 per cent LTV 4.79 per cent lifetime tracker (4.29 per cent above BoE BR) with a £999 fee.