HSBC mortgage rate cut

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HSBC mortgage rate cut

HSBC has announced that it will cut its standard mortgage rate by 0.25 per cent, following the Bank of England's decision to reduce the base rate by the same amount earlier this month.

The lender's standard rate will fall from 6.5 per cent to 6.25 per cent.

However, HSBC has a number of mortgage products available with different interest rates, such as the five-year fixed-rate mortgage at 5.39 per cent with a £999 fee.

It also offers a two-year discount mortgage with a rate of 5.43 per cent, which will fall to 5.18 per cent from May 9th, with the same fee.

In addition, the bank has launched a Rate Matcher deal, whereby it pledges to match the old rate of borrowers coming off fixed-rate mortgages between now and the 18th May if they switch to HSBC.

Abbey announced yesterday that it will reduce rates on its tracker and flexible deals by 0.1 per cent, following the Bank of England's decision to introduce a £50 billion mortgage bond scheme to help the property market get back on its feet.
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