HSBC extends fixed-rate deal

25-Mar-2008

HSBC is to extend its RateMatcher until June 30th this year, which could be welcome news to those relatively new to the property market approaching the end of fixed-rate deal.

Originally intended to be available until the end of April, the RateMatcher product promises to match the interest rate being paid by HSBC fixed-rate mortgage customers and has proved popular with customers who may have fixed-rate deals as low as 4.55 per cent.

The move will be welcomed by homeowners as they will now be in a position to avoid the effects of 'payment shock'.

Martijn van der Heijden, HSBC’s head of mortgages said, "We've seen no increase in customers having trouble with their mortgage payments, however it is clear more and more homeowners are worried about their monthly repayments going up. To ease this concern we are extending our RateMatcher offer until at least 30th June 2008."

He added that it will enable customers to "smooth out" any repayment increases once their fixed-rate period draws top a close and they re-evaluate how to budget.

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