HSBC SVR mortgages get 0.81% chop
Friday, 21 Nov 2008 11:59
HSBC has cut its standard variable rate (SVR) for mortgages by 0.81 per cent, it has been revealed.
The bank said the rate, which is paid by one per cent of its mortgage customers, would plunge from 6.25 per cent to 5.44 per cent from December 5th.
And HSBC also announced it was offering existing SVR borrowers and those on discounted rates the option to move onto its 'best buy' lifetime tracker mortgage free from the £799 booking fee.
The lifetime tracker charges interest of 0.99 per cent above the Bank of England rate and is therefore, currently, at 3.99 per cent. Customers require a minimum of 40 per cent equity in their home to qualify.
In a statement this week, comparison website Uswitch.com described the 3.99 per cent rate as "competitive".