HSBC launches market’s lowest-ever two-year fix at 1.79%

HSBC has launched the market’s lowest ever two-year fixed rate mortgage at 1.79 per cent in addition to its lowest ever five, seven and 10-year fixed rates.

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It has also launched a five-year fix at 2.78 per cent, a seven-year fixed rate at 3.49 per cent and a 10-year fixed rate at 3.99 per cent. All products are available up to 60 per cent LTV and require a £1,999 booking fee.

The direct-only lender has also launched a two-year discount rate of 1.75 per cent up to 60 per cent LTV and with a £1,999 fee.

HSBC head of mortgages Peter Dockar says: “Last year we approved a record £19.5bn to UK mortgage borrowers and we will continue to support our customers by offering them competitive rates to help fund their property aspirations.”

HSBC is also cutting rates on a number of 90 per cent LTV mortgages. A two-year fix is being cut from 4.19 per cent to 4.15 per cent, a five-year fix comes down from 4.69 per cent to 4.65 per cent and the rate on the lifetime tracker drops 30bps to 4.39 per cent.

These tracker rates are fee-free for HSBC current account holders or requiring a £599 booking fee for non-current account holders.