Financial Times - Homeowners can borrow for five years at less than 2%
The UK’s first five-year fixed-rate mortgage under 2 per cent was unveiled on Saturday by HSBC amid a flurry of rate cuts as mortgage brokers declared that borrowers have “never had it so good”.
Brokers said some of the moves were aimed at attracting the larger loans at the upper end of the market.
Aaron Strutt of broker Trinity Financial, told FT.com: “Even though prime property sales are slowing in the run-up to the election, the lenders are still trying hard to target wealthier borrowers and they have some particularly impressive rates.”
Nationwide has lowered its two-year fixed rate deal — up to a maximum of £2m — from 2.14 per cent to 1.99 per cent, with no arrangement fee. Santander offers a 1.69 per cent two-year fix for mortgages up to £3m. Like Nationwide’s loan, it is reserved for those with a deposit of at least 40 per cent.
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