New HSBC mortgage spikes interest from borrowers

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New HSBC mortgage spikes interest from borrowers

The new HSBC discounted variable-rate mortgage has led to increased interest from borrowers and does not cherry pick the best customers, according to the bank.

Martijn van der Heijden, head of mortgages at the organisation, claimed that it remains very competitive and open to new applications for mortgages, despite words heard to the contrary.

He commented that there had been some speculation that only a small amount of people would actually be eligible to get the headline 1.99 per cent rate, which he stated is not true.

"In reality well over half the UK's 11.5 million mortgage holders qualify for the deal and HSBC continues to accept more than seven in ten applicants," Mr van der Heijden explained.

HSBC reported that since it began offering the product on September 1st it has seen a 78 per cent increase in month-on-month call volumes and 100 per cent rise in online visitors.

When the mortgage deal was brought out, Mr van der Heijden pointed that it is the lowest mortgage interest rate the lender has ever offered.

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