HSBC mortgage rates could save you money.
Could changing to HSBC mortgage rates or one of the many other deals available, avoid costly rises in standard variable rates?
With more and more rises in lenders' standard variable rates predicted the rate to which fixed deals revert is well worth keeping a close eye on.
Following the recent announcements by Halifax and Royal Bank of Scotland that their standard variable rates are rising to just under 4 per cent, over three quarters of a million borrowers will see repayments take quite a leap from the 1st of May unless they change their current mortgage deal.
Those with Halifax and RBS standard variable rate rises can leave their current mortgage deal without an having to pay a charge for early repayment on any main mortgage balance. Borrowers could consider a re-mortgage to find a better deal but with the prediction that other lenders will follow the move to increase standard variable rates, how can anyone minimise the effect of these rate increases?
For those that have enough equity in your property, moving to a new deal could certainly save money, particularly with products with a direct link to the base rate.
For example, if you have a 40 per cent deposit, HSBC mortgage rates look attractive with a lifetime tracker rate of just over 2 per cent above the base rate. As the loan to value rate increases, generally so does the mortgage rate but even with a loan to value of 80 per cent HSBC offers a lifetime tracker with interest at 2.79 per cent above the base rate.
If your standard variable rate is about to rise, the HSBC mortgage rates are just an example of how you could save money. Contact us at Deal Direct so that we can look all the factors and find the best alternative deal in the market to save you money.
