HSBC mortgage interest rates cut

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HSBC mortgage interest rates cut

Fri 21st Nov 2008

HSBC announced that it has cut the standard rate of interest on its mortgages, in a move that could make it easier for prospective owners to buy a house.

The worldwide banking giant revealed that it has slashed rates of interest on its mortgages from 6.25 per cent to 5.44 per cent, as well as introducing a range of other deals designed to help customers affected by the credit crunch.

HSBC said that the move meant 95 per cent of its customers had now benefitted from the Bank of England's base rate cut and revealed that its tracker mortgages would follow the base rate with an added 0.99 per cent in interest.

At his Downing Street press conference earlier this month, Gordon Brown called on mortgage lenders to behave "responsibly" towards borrowers during the credit crunch.

This latest news follows last week's announcements of interest rate cuts by banks that were bailed out by the government, including Lloyd's TSB and the Royal Bank of Scotland.

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