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HSBC grabs headlines with 1.99% discount deal

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by Gill Montia
”HSBC

HSBC has launched a new range of mortgages that includes a two-year discount deal at 1.99%.

However, the bank’s “lowest-ever” rate is only available to borrowers with a 40% deposit.

Those with at least 25% to put down can benefit from a discounted rate of 2.49%, compared to the lender’s current standard variable rate of 3.94%.

Both loans come with an arrangement fee of £1,199.

The launch also includes a three-year fix at 4.19% for a maximum loan-to-value ratio of 60%; a £999 fee applies.

Head of mortgages at HSBC, Martijn van der Heijden, says: “Across the market lenders’ standard variable rates are at an all time low, as a result we are launching our lowest ever mortgage rate – 1.99% – to appeal to remortgaging homeowners.”

He adds: “We have also made our higher loan-to-value mortgages even better value to support the increasing number of home purchasers either move, or step on the housing ladder for the first time.”

In June, HSBC was named best UK mortgage provider in the Moneyfacts awards.

The lender swept the board in the Best Remortgage Provider; Best First Time Buyer Mortgage Provider and Best Bank Mortgage Provider categories.

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News posted: September 3, 2009

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