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HSBC drops 2.99% five-year fix due to overwhelming demand

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HSBC is to withdraw its 2.99% five-year fixed rate mortgage after a month due to overwhelming demand.

The deal had been available at 2.99%, HSBC’s lowest ever fixed rate, on mortgages up to 60% LTV with a £1,999 product fee.

The bank launched the product in mid-July, triggering a rate war between lenders, but has now sold out of its initial tranche of the product.

A spokesperson confirmed to Mortgage Solutions that the rate would be withdrawn from tomorrow. They added that fees on another product will be reduced, with the product fee on HSBC’s five-year fix at 3.29% being halved to £499.


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