HSBC Mortgage Rate Matcher 'demonstrates commitment'

Date:Friday 5th June 2009
Author: Max Freedman

The reintroduced HSBC Mortgage Rate Matcher has shown the high street bank's commitment to flexible lending and its role in the mortgage market, a price comparison website has commented.

According to HSBC has long been looking "to cement its place as a serious player in the mortgage market".

It noted that the new rate-matching deal could indicate a "significantly lower" rate for some borrowers - and those on an existing deal may find its six-month drawn down delay appealing for its flexibility.

But the complicated nature of the product and a "hefty up-front fee" may deter some consumers, it added, in spite of the benefits of lower rates.

HSBC announced this week that it is set to reintroduce the Rate Matcher mortgage from June 8th.

The bank commented that the offer - which includes a commitment to beat or match existing mortgage rates of 2.49 per cent over two years under certain conditions - is only available for a limited time.