HSBC temporarily pulls 10% deposit mortgage rates
HSBC is the latest lender to stop offering 10% deposit mortgages to new customers citing significant demand for its low deposit rates.
The bank has consistently provided first-time buyers with 10% deposit mortgages over the years but it has pulled the products to catch up with its processing times.
Aaron Strutt, product director at Trinity Financial, says: “If you are planning to purchase a property you will typically need a deposit of 15% to have the choice of two-year fixes and trackers, plus competitively priced five-year rates.
“There are a limited number of 10% deposit mortgages available through lenders like Bank of Ireland Bespoke, Nationwide for Intermediaries, Platform and Virgin Money.”
Platform and Virgin Money are the latest lenders to start offering 10% deposit while Bank of Ireland has one two-year fixed or tracker rate, and it is not cheap.
Nationwide’s lowest deposit rates are available to first-time buyers purchasing houses rather than flats, and there are some family guarantee mortgages like the Barclays springboard deal.
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