HSBC mortgage rates remain stable

Tuesday, 14 October 2008 12:00

Interest rates on HSBC's variable mortgages remain unchanged at 6.25 per cent following the Bank of England base rate cut last week.

The bank said it also shaved the rate on its tracker mortgages by 0.5 per cent following the decision to reduce rates to 4.5 per cent.

It claimed this now made it among the most competitive of high street banks and building societies, comparing its 6.25 per cent variable rate to 6.69 per cent and 6.64 per cent at other high street lenders.

"Earlier this year Defaqto research showed that HSBC's standard variable rate was the lowest of all mortgage lenders," HSBC said this week.

"This rate continues to be the lowest among all the high street banks and major building societies."

HSBC is also highlighting rates on its lifetime tracker mortgages, which have no redemption penalties and offer customers a maximum loan of 90 per cent of the value.

Its Lifetime tracker has a rate of 5.44 per cent with a £499 fee. The Lifetime Tracker for HSBC Plus customers has a 5.34 per cent rate with a £499 fee and there's a 5.24 per cent rate on the Lifetime Tracker for HSBC Premier customers.

HSBC's Lifetime remortgage tracker rate comes in at 5.29 per cent with a £599 fee.

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