HSBC fixed-rate mortgage 'helps first-time buyers'

Date:Thursday 25th March 2010
Author: Susanna Kavka

The bank will allow first-time buyers the choice of a two-year fixed-rate mortgage at 2.99 per cent for a maximum loan of £250,000 from its current offering.

Andy Mielczarek, head of retail products at the organisation, said this new deal and the recent stamp duty cut will help first-time buyers join the housing market.

"Spring is often the time of year when people start looking to buy a new home," he commented, adding that the Budget announcement coupled with the offer will give new buyers the assistance they currently require.

Similarly, the National Association of Estate Agents (NAEA) believes the Budget announcement is a "major victory" for this type of customer yet still thinks the property sector requires large-scale reform.

The NAEA has set up a campaign called 1808 which seeks to transform stamp duty land tax because it considers it to be an outdated system that acts as a tax on the aspiration to own a house.