HSBC launches new fixed-rate mortgage

15-Jan-2007

Following the recent rise in interest rates, HSBC has announced the launch of a new fixed-rate mortgage that may benefit first time buyers.

Potentially offering first time buyers a period of protection from future interest rate rises, the new mortgage is fixed at 5.55 per cent over a period of five years and available with no booking fee or higher lending fee.

HSBC's new mortgage is also free of an exit fee and offers overpayments of up to 20 per cent each month.

To find out more about this mortgage and other mortgages for first time buyers, click here.

"Following the recent increase in interest rates, we are pleased to be able to announce immediately our new five-year fixed-rate mortgage," said Rob Chesters, head of mortgages at HSBC.

"We advise any borrowers looking to lock into a fixed-rate deal to be careful to check behind the headline rate for hidden fees, charges and extended tie-ins," he added.

After HSBC's initial fixed-rate period, the mortgage will revert to a standard variable rate of 6.25 per cent.

The bank offers a number of financial products and services, including credit cards and personal loans.

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