UK Money News
31st July 2008
HSBC cuts cost of fixed-rate mortgages
HSBC has announced it is cutting the cost of its fixed rate mortgage deals, providing a welcome fillip for would-be buyers.
As of tomorrow, the rate on a standard two-year fixed-rate deal will be cut by 0.31 per cent, with booking fee being reduced from £799 to £599.
Meanwhile, longer fixed-rate offerings will see rates cut by 0.16 per cent, with booking fees also dropping to £599.
Andy Mielcsarek, head of lending at HSBC, said: "With an estimated 750,000 people looking to re-mortgage in the second half of 2008, we are doing all we can to keep the cost of borrowing down."
The announcement from HSBC follows rival lender Woolwich reducing rates on selected fixes earlier this week.
Lenders have been able to cut the cost of the products due to a fall in swap rates, which are used by mortgage providers to set the rates on fixed-rate mortgages.
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