HSBC SVR mortgage dropped 1%

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.
HSBC launches new mortgage deal to tempt first-time buyers

HSBC has announced a new deal on mortgages that could help first-time buyers get a foot on the property ladder.

Friday, 05 December 2008 12:00

HSBC has passed on the Bank of England's one per cent base rate cut in full to its standard variable rate (SVR) mortgage customers.

The bank has announced it is slashing the variable rate for mortgages by one per cent to 4.44 per cent and that its tracker mortgages will also see their rates plunge by one per cent.

Small and medium business customers who are borrowing from the bank on base rate-linked loans will also benefit from the cut.

Paul Thurston, HSBC's UK managing director, said HSBC had lent nearly 60 per cent more mortgages in the first nine months of this year compared with last year.

He added: "We are committed to helping our personal and business customers through what are very difficult times and passing on the reduction in full will be a welcome relief."