HSBC removes tracker products
HSBC has announced that it removing its tracker product range in light of the coronavirus pandemic.
The lender cited the Bank of England’s decision to reduce the base rate to 0.1% as a factor in the removal.
The announcement applies to both the bank’s residential and buy-to-let tracker products.
A spokesperson for HSBC, said: “With a second cut in interest rates in just over a week, bringing the bank rate down to an unprecedented 0.1%, we have taken the decision to temporarily withdraw our residential and buy-to-let tracker mortgages from sale.
“We will continue to keep the situation and our mortgage rates under review.”