The Times - Mortgages rates slashed as lenders run scared
The first five-year mortgage at less than 2 per cent is set to start a price war in the coming weeks as lenders cut rates to entice wavering homebuyers in advance of the electiohn.
Although the average five-year fixed rate has fallen by 32 per cent in the past four years, the average SVR has risen by 30 per cent in the same period, according to the Bank of England.
The HSBC deal is available only to borrowers with a 40 per cent deposit and has a £1,499 fee.
Borrowers may also find that the lenders offering the most attractive headline rates are not able to act quickly enough in a fast-moving property market.
Aaron Strutt, of the broker Trinity Financial, said: “It is fair to say that HSBC are not the quickest at the moment. One of our clients was applying for two different mortgages at the same time and we secured a mortgage offer through Virgin Money before HSBC had even instructed the property valuation.”
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