New mortgage rate low

A new low for mortgage rates has been announced by the HSBC offering deals at 1.99% on a five year fixed deal, which is just about the expected duration of the next parliament, on the face of it this appears an amazing deal, however borrowers will have to put down a 40% deposit.

This low rate could well spark a price war with rates being cut by other  lenders so as to maintain their share of the market.  The London and County Mortgage brokers are quoted as saying that the  drop was now  down to an astonishingly low rate, they felt the bank was setting a marker for other lenders.

The chance to lock into such a low rate is attractive to many borrowers especially those who fear the bank base rate could rise over the next five years with a new Government in power.

 

 

 

 

 

 

 

 

Allen Walkey

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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