HSBC's five-year fixed rate mortgages starting from 4.84% for mortgages up to £5 million
HSBC for Intermediaries offers one of the most competitive five-year fixed-rate mortgages at 4.84%. In its latest mortgage reprice, the bank lowered its rates by up to 0.27%.
More lenders offer cheaper rates for property purchases rather than remortgages, and HSBC is no different.
HSBC for Intermediaries offers a selection of mortgages priced around 5%, but its most competitive rate is 4.84%. The mortgage is available to borrowers purchasing a property and is fixed until 31 December 2028. Applicants will need a 40% deposit to qualify, and the mortgage maximum loan size is £5 million. The rate is 0.03% lower for customers with HSBC Premier accounts.
After the fixed period, the mortgage reverts to the lender's current 6.99% standard variable rate, and there is a £999 arrangement fee. The overall cost for comparison is 6.3% APRC representative.
Aaron Strutt, product director at Trinity Financial, says: "Mortgage lenders are still lowering their rate although the cost of funding fixed rates is fluctuating. HSBC's two-year fixes start from just over 5.30%, and the tracker rate is 0.19% over the Bank of England base rate.
"HSBC is offering slightly cheaper rates for property purchases rather than remortgages. Like other lenders, the bank offers larger loans and is keen to provide mortgages in a challenging market."
Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis until 31 December 2028 at 4.84% and then on the bank's standard variable rate, currently 6.99% for the remaining 25 years, 4.84% would require 61 monthly repayments of £2,635.43 followed by 299 payments of £3,233.42. The total amount repayable would be £1,128,864.81, made up of the loan amount plus interest (£627,447.85 and £999 (product fee), £0 (final repayment charge), £17 (completion fee). The overall cost for comparison is 6.7% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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