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HSBC offers fee free mortgages

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by Gill Montia
”HSBC

HSBC has good news for house purchasers as it is removing all fees associated with its standard mortgages until September 30th.

The offer is available to new and existing customers who will not have to pay a booking fee, standard valuation fee, completion fee, exit fee, higher lending charge, mortgage account servicing fee or mortgage account conduct fee.

The mortgages available under the offer include two, three, five and 10-year fixed rate loans, with interest charged at 6.69%, 6.79%, 6.49% and 6.39% respectively.

Also included is a tracker mortgage, charging base rate +0.79%, giving a rate of 6.54%. All the mortgages are based on LTVs of less than 90%.

In addition, HSBC is offering three special mortgage products aimed at customers looking to borrow larger than average sums at the lowest rates available.

Details of the mortgages are as follows: two-year fixed-rate, 6.09% (£999 booking fee); two-year discount, 5.64% (£999 booking fee); tracker charging base rate + 0.24%, giving a rate of 5.99%.

The tracker mortgage is available to remortgaging customers only and no early repayment charges apply.

On the fixed and discounted rate mortgages, early repayment charges are worked out on a decreasing basis at 1% for each year of the product remaining, although this is reduced on a daily basis.

HSBC is also looking to maximise on fears of substantial rises in home insurance premiums and is offering a policy to its mortgage holders, with premiums frozen for 5 years.

The offer lasts until the end of September 30th and includes a £50 cash back incentive.

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News posted: August 8, 2007

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