Market-leading 2 year discount rate
HSBC will launch its lowest ever 90% LTV mortgage rate today, Monday 2nd March.
Borrowers with a 10% deposit will be able to take advantage of a rate of 1.99% – a 1.95% discount compared to HSBC's Standard Variable Rate (SVR). The 2 year discount product has a £1,499 booking fee and will be on sale until 19th April 2015.
Peter Dockar, Head of Mortgages at HSBC, said: "We want to help borrowers make their monthly commitment as affordable as possible. By introducing the lowest ever 90% LTV rate to the market we are giving first-time buyers unprecedented access to historically low mortgage rates.
"We're committed to offering attractive and competitive rates to benefit our customers and our new record-low rate does just that."
Sylvia Waycot, Editor of Moneyfacts, said: "The dream of owning a new home just became more affordable for anyone with a 10% deposit, thanks to the market-leading mortgage rate of just 1.99% from HSBC."
For borrowers with a larger deposit or equity HSBC will also offer a wider range of rates including:
• 85% LTV 5 Year Fixed – 3.59% with £999 fee
• 75% LTV 2 Year Fixed – 1.89% with £999 fee
• 75% LTV 5 Year Fixed – 2.89% with £999 fee
• 60% LTV 2 Year Discount – 0.99% with £1,499 fee
For borrowers looking for a competitive rate with no fee, HSBC continues to offer its 'Fee Saver' mortgage range.