HSBC cuts standard mortgage rate
Wednesday, 23 Apr 2008 16:25
HSBC has responded to the Bank of England's interest rate cut earlier in the month by cutting its standard variable rate (SVR).
The move – not related to the security swap deal announced by the Bank earlier this week – will see HSBC's SVR fall from 6.5 per cent to 6.25 per cent.
The cut puts HSBC's variable mortgage rate at least 0.24 per cent lower than Halifax, Nationwide, Abbey, Lloyds TSB and NatWest.
HSBC is also seeing a large increase in business with its offer to match rates on remortgages for those coming off fixed-rate deals willing to fix for two years, a deal which was extended from its own customers to include borrowers with any lender.
The offer is set to close on May 18th.
Other HSBC deals currently on offer include: a five-year fixed-rate mortgage at 5.39 per cent with a £999 fee, a lifetime remortgage tracker at 5.48 per cent with a £599 fee, and a two-year discount mortgage at 5.43 per cent (dropping to 5.18 per cent from May 9th) with a fee of £999.