UK Money News
28th April 2008
Brits split over HSBC offer
Britons have mixed feelings about HSBC's recent headline-grabbing offer to match the repayment rates of all borrowers coming to the end of the fixed term of their mortgage, a survey has revealed.
The lender's offer comes at a time when rival providers are raising rates on their mortgage deals, leading one to suppose that the move would be welcomed across the board by borrowers.
In fact, just 26 per cent of respondents to a poll conducted by Fairinvestment.co.uk regard the deal as a good thing and will be applying to HSBC.
Among those who were more sceptical were the six per cent who regard the condition that a 20 per cent deposit is required as an unrealistic demand.
Meanwhile, 24 per cent said the fact that a fee is charged makes the deal less competitive than it appears, while 18 per cent see the offer as nothing more than a publicity stunt.
David Doulton, director at Fairinvestment.co.uk, said: "Anyone looking for a new mortgage deal - whether first-time buyers or existing homeowners - should consider all the available options rather than opting for the first deal that jumps out at them.
"Although the rate is important, other factors, such as the arrangement fee, should not be overlooked."
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