HSBC announces new mortgage products
HSBC has today become the latest provider to announce changes to its residential mortgage range.
Following new products revealed yesterday by TSB, the lender has cut rates by as much as 0.4%.
Changes
The fresh product range includes a new two-year fix at 1.69% for as much as 70% LTV, down from 1.74%. Also, there will be a continuation of a two-year discount rate at 0.99%, which will be available from 60% LTV.[1]
Other additions to the new range include two year fixes at 60% LTV at 1.89% and 70% LTV from 2.69%. The Bank’s three year fix at 85% LTV now begins from 3.09%, with its five year fix reducing from 3.44% to 3.29%.[1]
Agreement
Additionally, the bank has agreed a deal with London and Country that will see the mortgage broker offer HSBC’s full residential mortgage range to their brokers from 3rd August. The move comes after another successful partnership with Countrywide, which began last year.
Tracie Pearce, Head of Mortgages at HSBC, said, ‘we are committed to helping customers take their first step onto, or move up, the property ladder and these new lower rates will be welcome, as will the news that we are making these rates available to more people.’[1]
‘This is an exciting time for HSBC and we look forward to working closely with London and Country. We believe our products will resonate with their customer base, enabling even more customers to benefit from our range of products. It is entirely due to our successful partnership with Countrywide which has enabled us to extend our relationship to London & Country, and we’re committed to continuing to build on this as we welcome new broker partners,’ Pearce added.[1]
HSBC announces new mortgage products
Appeal
David Hollingworth of London and Country also said, ‘We’re sure that the broad range of competitive HSBC mortgage deals will carry significant appeal for our advisers and their clients. HSBC has shown its commitment to UK mortgage borrowers through the sharply priced products it has delivered time and again. That, coupled with our award winning advice, is sure to add up to a compelling proposition for our customers.’[1]
‘Given the appetite of HSBC, the successful completion of this next phase should pave the way for a broadening of access to other members of Legal & General’s distribution.’[1]
[1] http://www.propertyreporter.co.uk/finance/hsbc-cuts-its-fixed-rates-by-up-to-04.html