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HSBC cuts fixed rates

Sarah Davidson

October 10, 2012

The changes are as follows:

2 Year Fixed Rates

• 60% LTV 2 year fixed to 2.44% with £1,499 fee

• 60% LTV 2 year fixed at 2.89% with £599 fee

• 70% LTV 2 year fixed to 3.09% with £599 fee

• 80% LTV 2 year fixed to 3.49% with £599 fee

5 Year Fixed Rates

• 70% LTV 5 year fixed to 3.49% with £599 fee

• 80% LTV 5 year fixed to 3.99% with £599 fee

7 Year Fixed Rates

• 60% LTV 7 year fixed to 3.79% with £499 fee

• 60% LTV 7 year fixed to 3.99% with no fee

90% LTV

In addition, HSBC continues to offer its current mortgage range for homebuyers with a 10% deposit including:

• Fee-free 2, 3, 5 and 7 year fixed rate at 4.89%

• Fee-free lifetime tracker at 3.99% over BOE BR (4.49%)

Peter Dockar, head of mortgages at HSBC, said: “With some lenders increasing their standard variable mortgage rates, we understand that UK borrowers are looking at ways to make savings on their outgoings. We have consistently offered competitive rates and continue to review our mortgage range to ensure our customers have access to the best possible rates, whether they are buying for the first time, moving house or remortgaging.”

HSBC has committed to approve at least £17bn in mortgages to UK borrowers in 2012 with £4bn set aside for first-time buyers.

Fee-free means there is no booking fee, no standard valuation fee and no completion fee. HSBC will also cover the cost of one standard valuation where this is required by the bank as part of the mortgage application. Additionally, where it is a straight forward transfer from another lender, HSBC also pays the standard legal costs.


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