HSBC introduce a new fixed-rate mortgage

Hot on the heels of the most recent interest rate rise, HSBC has launched a brand new fixed-rate deal which they hope will be especially appealing to first time buyers.

The new deal is offering a fixed rate of 5.5% for five years. This deal comes with no booking fee or higher lending fee and can offer peace of mind for further rate rises for the duration of the term.

Additional features with this particular mortgage are; there is no exit fee and it allows for overpayments of up to 20% each month.

As ever, the Head of Mortgages at HSBC always recommends borrowers check out the small print with any deal they are considering, ensuring they are fully aware of any (hidden) fees or charges, however he is very confident that this particular product will appeal to anyone hoping to lock in a rate in an attempt to counteract any more future rate increases.

When the five year term finishes, the mortgage will revert to a standard variable rate of 6.25%.