Mortgage lender HSBC has followed Nationwide in launching improved rates for fixed rate mortgages.
According to the bank, new rates launched today represent its lowest ever fixed rate mortgages for five- and seven-year terms.
Borrowers with a 40% deposit or equity can apply for a rate of 2.99 per cent fixed for five years or 3.99 per cent fixed for seven years. Both products have a £1,499 booking fee.
HSBC head of mortgages Peter Dockar said: “Every borrower has different needs from their mortgage. We recognise that many are looking for certainty with their mortgage payments over the longer term and have launched these products to meet that demand.
“This is the lowest ever five-year fixed rate to come to the market and with the security of our retail deposit funding we are committed to offering competitive rates to benefit our customers with what is for many, their largest monthly commitment.”
HSBC has also launched a range of tracker mortgages at discount rates. Offers include a 60% Loan-to-value (LTV) at 2.49% two-year discount product.
Earlier this week Nationwide announced a reduction of rates across its fixed and tracker mortgages.
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