Mortgage Strategy - HSBC joins price war with sub-4% loan offer
HSBC has undercut NatWest and Nationwide to launch a 3.92% loan available through brokers and direct.
Its new five-year fix is at 60% LTV with a £1,499 fee, undercutting NatWest’s direct-only deal, which is 3.97% with a £1,495 fee.
Trinity Financial product and communications director Aaron Strutt says: “It is good news for borrowers that lenders are lowering their rates and five-year fixes in particular are looking so much better value for money.
“Banks and building societies are still fighting it out for business but the cheapest deals really are limited to borrowers with the biggest deposits. “NatWest launched a 3.97% five-year fix a few days ago and HSBC has already acted to undercut the deal with some great deals available to brokers and customers applying directly.
“Lots of borrowers think rates will come down over the near term and don’t want to lock into a five-year fix.
“The split between the number of people taking two or five-year fixes is pretty even.
“The good thing about HSBC’s rates is that they are available to borrowers looking for different loan sizes, ranging from smaller mortgages all the way up to £5 million for those buying prime properties.”
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