Mortgage comparison shows new deal is "very competitive"

26-Apr-2010

Published by Helen Adams

After a spot of mortgage comparison work, a financial expert concludes a new deal being offered by HSBC is "very competitive".

The bank recently announced it is to launch a split mortgage, where homeowners will pay some of their loan back on a fixed-rate basis and some on a tracker deal.

People will be able to adjust the percentage of the total sum that is allocated to each type.

Andrew Hagger, of Moneynet.co.uk, says the options and potential payback methods are wide under the split mortgage, with property buyers afforded the opportunity to change the total interest rate at will.

He states: "The beauty of this combined mortgage product is that you have the ability to fix the majority of your borrowing but at the same time can overpay without limitation on the variable rate element."

According to the Council for Mortgage Lenders, gross lending rose to £11.5 billion in March - up 24 per cent on February.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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