HSBC offering competitive deals to first time buyers

Posted under News by Michael

Those who were struggling so far to get onto property ladder due to demand of hefty deposits by lenders have got a boost with an attractive offer from HSBC of a competitive deal that requires a deposit of only 10%.

A 2-year fixed-rate of 4.99% is being offered with maximum 90% loan-to-value at a nominal fee of £199.

Apart form this; a lifetime tracker mortgage is also being floated at 4.09% above current base rate of 4.59% and fees of £999. Borrowers will be allowed to switch to another deal in case interest rates go up, since HSBC will not be charging exit fee.

However, only those holding a HSBC Plus or Premier current account will be eligible to apply.

According to General Manager, Joe Garner, of HSBC’s personal financial services, although house prices will continue to fall, it will not be so forever. He claimed that HSBC had been standing by its customers through thick and thin and the changes in offer represent HSBC’s resolve to provide best possible deals to customers on their mortgage.

Ray Boulger of mortgage broker John Charcol, welcomed new deals and urged the Government to compel three lenders, Northern Rock, RBS and Lloyds Banking Group to follow suit.