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HSBC cuts mortgage rate to 2.44%

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HSBC has made rate reductions on its two-, five- and seven-year fixed rate mortgages by up to 0.2% for first-time buyers and existing customers.
HSBC cuts mortgage rate to 2.44%

Its two-year fixed rate mortgages start from 2.44% at 60% loan-to-value (LTV) with a £1,499 fee, 2.89% at 60% LTV, 3.09% at 70% LTV and 3.49% at 80% LTV, all with a £599 fee.

Its five-year range includes a 70% LTV deal at 3.49% and an 80% LTV at 3.99%. Both deals come with a £599 fee.

Its seven-year fixed rate range includes a 60% LTV fixed at 3.79% with a £499 fee and a 60% LTV fixed at 3.99% with no fee.

Peter Dockar, head of mortgages at HSBC, said:

“With some lenders increasing their standard variable mortgage rates, we understand that UK borrowers are looking at ways to make savings on their outgoings.

“We have consistently offered competitive rates and continue to review our mortgage range to ensure our customers have access to the best possible rates, whether they are buying for the first time, moving house or remortgaging.”

HSBC has committed to approve at least £17bn in mortgages to UK borrowers in 2012, with £4bn set aside for first-time buyers.

The lender said it will continue offering fee-free two, three, five and seven-year fixed rate mortgages at 4.89%, available at 90% LTV and a fee-free lifetime tracker at 3.99% over BoE base rate (4.49%), also available at 90% LTV.

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