Powered by MOMENTUM MEDIA
subscribe to our newsletter

UK: HSBC cuts rates to 0.99 per cent

UK lender HSBC has started a price war by dropping its mortgage rates below one per cent.

Announced yesterday, borrowers with 40 per cent deposit or equity will be able to take advantage of a rate of 0.99 per cent, a 2.95 per cent discount off HSBC’s standard variable rate.

Meanwhile, HSBC’s two-year fixed rate mortgage at 1.49 per cent, the post popular home loan product among UK borrowers, continues to be the lowest in the industry.

“We know how important a low monthly payment is for borrowers, and are committed to offering market leading rates,” HSBC head of mortgages Peter Dockar said. 

"We’re the only bank to offer a completely paperless mortgage application and are now leading the way by offering a mortgage of less than one per cent,” Mr Dockar said.

Advertisement
Advertisement

PROMOTED CONTENT


The news comes after HSBC announced its plans to enter the UK third-party channel for the first time earlier this month, through a partnership with Countrywide, with which it has an existing relationship for conveyancing work.

“It’s great to see a mortgage offering a rate that, for once, allows consumers to keep more of their money in their own pockets each month, and this new deal from HSBC does just that,” Moneyfacts editor Sylvia Waycot said.

 

UK: HSBC cuts rates to 0.99 per cent
mortgagebusiness

Latest News

Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to Mon...

The chief executive of CBA has called for more regulation for the buy now, pay later market, outlining that some players have now outgrown ...

NAB chief executive Ross McEwan has urged state governments to speed up the development of land for residential construction to ease pressu...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Citi’s exit and bank turnaround time disparities

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.