New HSBC mortgage rates may offer a lifeline to first time buyers.
New low deposit HSBC mortgage rates deals have been launched to offer a lifeline to young first-time buyers. The lender has confirmed its strong commitment to helping those first-time buyers by launching a new range mortgage of products for buyers who have a 10 % deposit.
A discounted two year HSBC mortgage rate will be offered at 3.84 % for 90 % loan to value, no fee will be charged, an alternative non-discounted 2 year fixed mortgage will be offered at 4.49 % for 90 % LTV, with a booking fee of £599.
In the first six months of 2011, 25 % of all approved HSBC deals were to young first-time buyers, the HSBC advised that it will continue to help with this sector in 2012 by making £3 billion worth of mortgage lending available to first-time borrowers. It is believed that HSBC will help around 27,000 first-timers climb on the housing ladder this year.
HSBC were given the First Time Buyers' Mortgage Choice award for a second year running and, have been named as the Best High Street Mortgage Provider three years in a row by Consumer Moneyfacts.
Peter Dockar who is the head of mortgages at the HSBC commented saying that for many UK house-holders owning a home remains an aspiration. He added that the lender will continue in their efforts to make this possible by offering products aimed at those with small deposits. He also confirmed that fee-free HSBC mortgage rate deals for 90 % LTV will made available to young first-time buyers to help keep their costs down.
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