HSBC launch new mortgages for first-time buyers

Sunday, 05 February 2012 02:20

HSBC has released details of changes to its mortgage range for first-time buyers with a ten per cent deposit.

HSBC is now offering a two-year fixed rate deal at 4.49 per cent for homeowners with a ten per cent deposit. The product carries a £599 booking fee. This is in addition to its existing two-year variable discount rate product which charges 3.84 per cent for those with a loan-to-value ratio of 90 per cent.

HSBC reports that more than one in four of its mortgage loans were made to first-time buyers in the first six months of 2011 and the bank has pledged to lend more than £3 billion to first-time buyers in 2012, equivalent to 27,000 people getting onto the housing ladder.

Peter Dockar, Head of Mortgages at HSBC, said "Owning a home is still an aspiration for many. We will continue helping make that dream a reality with a range of products that assist those with relatively small deposits get onto the property ladder."

HSBC also has some excellent deals available to homeowners with 40 per cent equity in their property that are looking to re-mortgage. Its two-year discount mortgage charges just 1.99 per cent, though it charges a £1,499 booking fee. It also offers a two-year fixed rate mortgage deal at 2.24 per cent with a £1,999 booking fee.

HSBC has been awarded First Time Buyers' Mortgage Choice for the past two years running and Best High Street Mortgage Provider for the past three years in the Consumer Moneyfacts Awards.

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