HSBC to decrease standard mortgage rate by 0.25%

HSBC Bank plc today announces it will reduce its HSBC variable mortgage rate by 0.25% from the 7th March 2008. Following the Bank of England Monetary Policy Committee’s decision to decrease its base rate today, HSBC’s new rate will fall from 6.75% to 6.50%.

HSBC tracker mortgage rates will decrease by 0.25% on 8th February 2008 immediately following today’s Bank of England’s decision.

All homeowners can still apply for HSBC’s market leading 4.99% discounted variable rate mortgage until Sunday 10th February and will see the interest rate reduce to 4.74% on 7th March.

Furthermore, HSBC’s fixed rate mortgage customers rolling off their existing deals between now and at least 30th April, can make use of the bank’s new RateMatcher offer. RateMatcher enables existing HSBC customers to re-fix their new mortgage at the same rate as their previous loan and absorb any repayment shock they maybe facing.