The bank, named the most competitive mortgage lender of 2008 by mform, is pledged to double its 2007 level of mortgage lending this year and has made £15 billion available to customers. A full breakdown of HSBC's new range of mortgages can be found below.
Martijn van der Heijden, head of mortgages at HSBC said: "As the Bank of England base rate comes down, we have the ability to increase even further the affordability of our mortgages, many of which were already the cheapest to be found on the high street. Together with our pledge to double 2007 mortgage lending to £15 billion this year, we hope that this new range will demonstrate that those who want a mortgage can get one, and at sensible rates."
HSBC's new 2-year discount mortgage, priced 0.95 per cent below HSBC's standard variable rate (SVR), carries a rate of just 2.99 per cent. The mortgage will hit this rate on February 6th, when HSBC's SVR falls to 3.94 per cent - the lowest it has ever been. This mortgage is available to all HSBC Premier customers.
The bank's new Tracker mortgages are amongst the best available with rates starting at 4.09 per cent for borrowers who have a 25 per cent deposit. HSBC's existing ‘best buy' tracker mortgage at 1.95% above bank base rate continues to be available.
Selection of mortgage range available from 14th January 2009:
Mortgage - Rate - Max LTV - Booking fee
Standard mortgages:
lifetime tracker with fee - 4.09 % - 75% - £599
lifetime tracker with no fee - 4.39 % - 75% - £0
Special fixed mortgage:
2 years - 3.99 % - 60 % - £999
Special discount mortgages:
2 years - 2.99 % - 60 % - £999
Special tracker mortgage:
lifetime tracker - 3.45 % - 60 % - £799
