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HSBC launches 2.99% two-year discount mortgage

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by Gill Montia
HSBC launches 2.99% two-year discount mortgage

HSBC is launching a new home loan at the astonishingly low rate of 2.99%.

However, the lender’s Premier two-year discount deal is only available to its Premier customers who must hold £50,000 in savings and investments with the bank or already have a £250,000 mortgage with HSBC.

They will also need a minimum income of £75,000 plus 40% of the equity in the property being mortgaged.

The arrangement fee for the loan is £999.

The bank is also lowering its standard variable rate from 6th February, to 3.94%.

According to HSBC’s head of mortgages, Martijn van der Heijden, cuts in the Bank of England’s base rate are enabling the group to make its mortgages more affordable.

HSBC has already promised to double its 2007 mortgage lending level to £15 billion in 2009 and there are hopes that its latest offerings will increase competition in the market.

Earlier this month the bank was named the most consistently competitive mortgage provider of 2008 by mform.co.uk, the independent mortgage adviser.

The group has weathered the credit crisis well because of its focus on emerging markets business and has not so far been in need of direct government support.

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Story link: HSBC launches 2.99% two-year discount mortgage

News posted: January 15, 2009

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