HSBC mortgages launch new fixed rate range
www.moneynews.co.uk > Mortgages > HSBC mortgages launch new fixed rate range
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Money News |
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HSBC mortgages launch new fixed rate range
Tue 7th Dec 2004
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Currently 17 per cent of mortgage holders have fixed or capped rate deals and 58 per cent of homeowners have said that they would be concerned by an increase to their payments of less than £100, Direct Line has reported.
With the Bank of England's Monetary Policy Committee meeting this week to decide whether or not to raise the cost of borrowing, HSBC has refreshed its range of fixed-rate mortgages.
With the new range consumers can fix their mortgage payments for one, two, three, five or ten years. After the period of the fix, the mortgage reverts to the bank's home buyer rate, currently 5.75 per cent and set at no more than one per cent above Bank of England base rate for the whole of the mortgage.
"Many mortgage lenders offer initially attractive fixed and discounted rates to customers in the fairly certain knowledge that those same customers won't move their mortgage at the end of the fix. And with variable rates among eight out of ten of the top ten lenders ranging from 6.75 per cent to an eye-watering 6.84 per cent, customers end up paying over the odds in the long term," noted Sian Lehrter, head of mortgages at HSBC.
"We don't do that. When our fixed rates end customers will move onto our Home Buyer rate, the cheapest variable rate on the high street (currently 5.75 per cent), a rate that's guaranteed never to exceed the base rate by more than one per cent," she added.
The new fixed rate mortgages are open to both existing mortgage holders and new borrowers, as well as those wishing to remortgage.
HSBC's new rates are as follows:
5.29 per cent for a one year fixed rate mortgage,
5.49 per cent for a two year fixed rate mortgage,
5.49 per cent for a three year fixed rate mortgage,
5.69 per cent for a five year fixed rate mortgage, and
5.89 per cent for a ten year fixed rate mortgage.
Related News : Mortgages |
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Related News : HSBC |
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