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HSBC launches five-year fix at 1.99%

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20/04/2015
HSBC has launched the first five-year fixed rate mortgage for less than 2%.

From today, Monday 20 April 2015, the bank will offer borrowers the chance to fix for five years at a rate of 1.99%.

The lender will offer the rate to those with a deposit of 40% and a booking fee of £1,499 applies.

HSBC has also launched a number of other new products such as two-year fix at 1.24%, available up to 60% loan-to-value. A £1,499 fee also applies to this product

Tracie Pearce, head of mortgages at HSBC, said these rates were the lowest the bank had ever offered.

“With mortgage rates lower than they’ve ever been before, we’re proud to introduce the lowest ever five-year fixed rate,” she said.

The bank has also lowered rates introduced cashback incentives on a number of products targeting first-time buyers and those with smaller deposits.

HSBC’s range now includes:

80% loan-to-value three-year fixed – 2.99% with £199 fee

85% loan-to-value three-year fixed – 3.29% with £199 fee

90% loan-to-value three-year fixed – 3.89% with £199 fee

Help to Buy range:

95% loan-to-value two-year fixed – 4.39% with £199 fee

95% loan-to-value three-year fixed – 4.59% with £199 fee

95% loan-to-value five-year fixed – 4.89% with £199 fee

“We are committed to helping customers take their first step onto, or move up, the property ladder,” Pearce added.

“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.”

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