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In what is fantastic news for homebuyers, HSBC have announced the markets' lowest five-year fixed rate mortgage at a mere 1.99 per cent. Available to 60 per cent LTV (Loan To Value) at a fee of £1,499, this is the lowest fixed rate mortgages below 2 per cent. This latest move by HSBC comes in response to Nationwide, Halifax, Lloyds and Tesco all slashing their rates in recent months.
Head of mortgages at HSBC, Tracie Pearce said: "With mortgage rates lower than they’ve ever been before, we’re proud to introduce the lowest ever five year fixed rate. We’re also offering £1,000 cash back to homebuyers and have refreshed our mortgage range to ensure that homeowners with a smaller deposit have access to our historically low mortgage rates.”
Considering a few months ago lenders were expecting mortgage rates to rise, this price war is great news for borrowers. Typically, a homeowner looking for long term fixed rate would usually expect to pay between 3 to 3 per cent for a five-year agreement, making HSBC's latest offering a breakthrough.
For an estimate on how much you can borrow, why not try the Mortgage Calculator on the Oscar Knight website, or call us directly on 0208 823 0744.
*Oscar Knight recommends shopping around before committing to a specific lender
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