HSBC mortgage rates lowered with base rate

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HSBC mortgage rates lowered with base rate

Fri 6th Feb 2009

HSBC has announced that it will lower many of its mortgage rates in line with yesterday's reduction in the base rate of interest.

The bank said that 95 per cent of HSBC mortgage customers on variable rate packages would see their interest rates fall in line with the 0.5 per cent cut.

HSBC also announced that its small and medium-sized business customers would benefit form the Bank of England's decision to cut the base rate.

Andy Mielczarek, head of retail products at HSBC UK, commented: "HSBC is very much open for business, we have £15 billion allocated for mortgage lending in 2009 and we will be passing on the full base rate decrease to the vast majority of our customers."

Barclays also announced that many of its mortgage rates would be cut by the full 0.5 per cent.

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