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In what is good news for homebuyers, HSBC has announced the market's lowest five-year fixed rate mortgage, which stands at a mere 1.99 per cent.
Available to 60 per cent LTV (Loan To Value) at a fee of £1,499, it is the lowest fixed rate mortgage below 2 per cent.
This latest move by HSBC comes in response to other banks Nationwide, Halifax, and Lloyds, and supermarket 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.”
Only a few months ago, mortgage lenders were expecting mortgage rates to rise. But now this price war is a positive development for borrowers.
Typically, a homeowner looking for long-term fixed rate would usually expect to pay between 3 to 3.5 per cent for a five-year agreement, making HSBC's latest offering a breakthrough.
With property prices rising, this is a welcome announcement for mortgage borrowers.
* Oscar Knight recommends shopping around before committing to a specific lender.