HSBC launches two mortgages to support Stamp Duty cut
From Monday 29th March, the rate on HSBC’s fee free lifetime tracker mortgage with maximum LTVs of up to 90% will reduce by 0.5% from 4.99% to 4.49%. In addition, a new two year fixed rate mortgage at 2.99%, with a maximum loan size of £250,000, fee of £999, and LTVs of up to 70%, goes on sale.
Andy Mielczarek, head of retail products at HSBC, said: “Today’s move by the Chancellor to help first time buyers by removing stamp duty for all homes of up to £250,000 is welcome news. Spring is often the time of year when people start looking to buy a new home, so the combination of the stamp duty cut and our new mortgage deals gives first time buyers a healthy boost towards their goal of joining the housing market.”
According to the Council of Mortgage Lenders, with the stamp duty threshold increasing to £250,000, approximately 350,000 households buying properties between £125,000 and £250,000 will benefit over the rest of 2010.