HSBC launches lowest ever 7 year fixed rate mortgage at 90% LTV

HSBC has unveiled a new range of competitive mortgages for borrowers with a 10% deposit. The bank is launching the lowest ever 7 year fixed rate mortgage at 90% LTV with a market-leading rate of 4.89% and no fees to pay for home buyers. HSBC is also offering the same rate on 90% LTV fixed rate mortgages for 2, 3 and 5 years.

In addition, HSBC is launching a fee-free lifetime tracker rate at 4.49% for first time buyers and home movers with a 10% deposit. All rates will be available from Monday 3rd September. Both the tracker and fixed rates are also available to remortgage customers with a booking fee of £599.

HSBC was recently awarded Which? Recommended Mortgage Provider for the second consecutive year and has committed to make at least £17 billion in mortgages available to UK borrowers in 2012 including £4 billion to first-time buyers. The bank approved more than £10.6 billion in mortgages in the first six months of the year, with £2.7 billion to first time buyers.  HSBC approves 4 in 5 first time buyer mortgages and is the UK's largest direct only mortgage lender.

Peter Dockar, Head of Mortgages at HSBC, commented:  "We have consistently offered competitive rates on our mortgages and these latest products offer first time buyers the helping hand they need to get onto the property ladder with a market-leading rate and no upfront fees.

"We are committed to helping our customers finance their homes, and with the strength of our funding model will continue to support borrowers by offering affordable mortgages."

The rates are a limited offer; applications must be received by 14th October 2012. We reserve the right to withdraw this offer at any time without notice.

HSBC has won a number of awards for its first time buyer mortgages including:

Moneyfacts Consumer Money Awards - First Time Buyers Choice 2012 for the last 2 years running

Moneynet Personal Finance Awards - Best First Time Buyer Provider 2012

Moneyfacts Awards - Best First Time Buyer Provider 2012

Moneywise Mortgage Awards - Best Lender for First Time Buyers 2012

Fee-free means:

No booking fee
No standard valuation fee
No completion fee
HSBC will cover the cost of one standard valuation where this is required by HSBC as part of the mortgage application.

For more information, visit hsbc.co.uk.