HSBC’s has launched a new 10-year fixed rate mortgage at 2.79%.
The move follows yesterday’s announcement from the Coventry Building Society that it will be launch 2.39% on Friday.
The Coventry mortgage is available up to 50% loan-to-value and it comes with a £999 fee. Whilst the HSBC deal is available up to 70% LTV and is fee free.
Tracie Pearce, HSBC’s head of mortgages in the UK, said: “Fixing your mortgage rate for the long-term offers customers certainty that their mortgage repayments will not increase over that period.”
“Our commitment to offering value to our customers can be seen with our 2-year fixed rate at 0.99%, our 5-year fixed rate at 1.99% and now our new 10-year fixed rate at 2.79%.
“Fixing a mortgage now can give homeowners important peace of mind, and the new 10-year products offer the assurance that their mortgage rate won’t change regardless of what else might happen with the economy or what the Bank of England Base Rate does.”