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HSBC launches 1.99% two-year fix

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  • 30/11/2012
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HSBC has launched a two-year fixed rate mortgage at 1.99%, available from today.

The direct-only provider has launched the 1.99% deal with fees of £1,499 for holders of HSBC current accounts and £1,999 for those without, available up to 60% LTV.

The bank said that the product was its lowest ever two-year fixed rate mortgage.

The move follows the launch of similar products from Tesco and Abbey for Intermediaries in the past two months. Tesco withdrew its product after overwhelming demand while Abbey’s product was a seven day broker special.

HSBC has also launched another 60% LTV two-year fix, with a £599 fee mortgage available at 2.49%.

Peter Dockar, HSBC head of mortgages, said: ‘While there remains a low expectation of bank base rate increasing in the near future, it has been a week of surprises at the Bank of England and as yet we don’t know whether the new Governor will bring a change of heart within the monetary policy committee.

“We have seen increasing numbers of customers seeking the security of a fixed rate and I expect this trend to continue. With the security of our retail deposit funding, HSBC is committed to offering competitive rates to benefit our customers.”

Other rate changes include the launch of a trio of five-year fixed deals with two 90% LTV mortgages also lowered:

60% LTV five-year fixed – 3.19% with £499 fee
60% LTV five-year fixed – 3.39% fee-free
90% LTV five-year fixed – 4.69% with £899 fee
90% LTV two-year discount – 3.84% with £999 fee

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