Borrowers urged to act quick to get the best mortgate rates

Commenting on HSBC's announcement to withdraw its lowest five year fixed rate mortgage deal of 2.99%, Michael Ossei, personal finance expert at uSwitch.com, says: "Unfortunately good rates like this don't tend to stay on the market for very long so when you do see a good deal it's best to act quickly or risk missing out.

"Although HSBC has now pulled its market leading 2.99% deal, it will be cutting the fee on its 3.29% five year fixed rate deal from £999 to £499, making it much more competitive and attractive to would-be homeowners and those looking to remortgage.

"Those on the hunt for a similar deal may want to consider Natwest's five year fix at 2.95%, but be warned - it carries a hefty £2,495 fee and is only available to new customers buying a home - you can only remortgage if you're already an existing Natwest customer.

"Although we hope other lenders will launch new deals to fill the gap you can never be certain and the worry is that more market leading rates will be pulled in the near future and replaced with less competitively priced deals."