HSBC SVR mortgages get 0.81% chop

Loughborough BS freezes SVR and adds three new mortgages

The Loughborough Building Society has confirmed there will be no change to its standard variable rate and has released a new range of mortgage products.
HSBC launch new mortgages for first-time buyers

HSBC is announcing new mortgage deals for first-time buyers and those with a ten per cent deposit in addition to competitive deals for homeowners with more equity.

Friday, 21 November 2008 12:00

HSBC has cut its standard variable rate (SVR) for mortgages by 0.81 per cent, it has been revealed.

The bank said the rate, which is paid by one per cent of its mortgage customers, would plunge from 6.25 per cent to 5.44 per cent from December 5th.

And HSBC also announced it was offering existing SVR borrowers and those on discounted rates the option to move onto its 'best buy' lifetime tracker mortgage free from the £799 booking fee.

The lifetime tracker charges interest of 0.99 per cent above the Bank of England rate and is therefore, currently, at 3.99 per cent. Customers require a minimum of 40 per cent equity in their home to qualify.

In a statement this week, comparison website Uswitch.com described the 3.99 per cent rate as "competitive".

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