HSBC reduces rates at 90% LTV

HSBC has reduced rates on its mortgage products at 85% and 90% LTV.

New rates launched today by the lender at 90% LTV include a lifetime tracker at base rate plus 4.19% (current pay rate 4.69%) with a £599 fee, a two-year fix at 4.99% with a £599 fee and a five-year fix at 5.99% with a £599 fee.

HSBC is also introducing new rates at 85% LTV, which include a lifetime tracker at base rate plus 3.49% (current pay rate 3.99%) with a £199 fee and a two-year fix at 3.99% with a £899 fee.

Stuart Beattie, head of mortgages at HSBC, says: “Over 80% of young non-homeowners are aspiring to buy a home. HSBC is committed to helping their cause

“The new mortgage rates we have made available today will help those with a relatively small deposit become homeowners.”

HSBC says that in 2011 so far it has approved mortgages for more than 80% of applicants.