HSBC mortgage range rates cut 'to help consumers'

Date:Wednesday 6th October 2010
Author: Susanna Kavka

An HSBC mortgage expert has claimed the firm reduced the interest rates on some of its products in an effort to aid the financial plight of people in Britain.

Martijn van der Heijden, head of lending at the company, made his comments after the organisation cut the interest on all of its 80 per cent loan-to-value (LTV) deals by up to 0.4 percentage points.

Among the products seeing their rates cut are a series of two and five-year fixed mortgages, two trackers and a discount arrangement that requires consumers to pay £99 as a booking fee.

Mr van der Heijden said: "Our 2.79 per cent discount mortgage is designed to help homeowners, many of which are facing a tough time."

In his opinion, this deal should allow people on a limited budget to apply for this type of HSBC mortgage.

Last month, the firm announced it is the biggest direct mortgage lender in the UK, with the bank issuing one in four of agreements of this type in 2009.