First-time Buyer
HSBC launches lowest-ever five-year mortgage rate
HSBC has launched the lowest fixed-rate on the market at 1.69% available up to 60% loan-to-value with a fee of £999.
The deal sneaks in at 0.01% lower than the previous market-leader Barclays, which offers 1.70% fixed for five years but with a fee of 1,499.
It follows Atom Bank’s short-lived promotion which saw it offer a five-year fixed rate mortgage at 1.29% available up to 60% LTV; the same price as a two-year fix. It was withdrawn seven days later.
In total, HSBC has cut 14 fixed rates by 0.25%. The bank is now offering a 90% LTV two-year fixed rate at 1.94% with a £999 fee and a fee saver option of 2.34%. The fee saver option means the product has no booking, valuation or completion fee.
A 0.25% cut on its 10-year fix has brought the rate down to 2.69% available up to 70% LTV with a £999 and free valuation.
The rate cuts are available for first-time buyer deals, purchases and remortgages.
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Tracie Pearce, HSBC’s head of mortgages in the UK, said: “Following the Easter break, the home-buying season should soon be in full swing. These rate cuts across our range of LTVs will help those buying for the first time as well as those moving home or wanting to remortgage.”