HSBC has extended its mortgage Rate Matcher offer to all UK homeowners from April 14.
This means that borrowers can now match their old rate by switching to HSBC.
The bank orginally launched its Rate Matcher offer in February but it was only available to HSBC’s existing customers.
The new deal will be available for the next five weeks, with the bank stating it will match rates as low as 4.54 per cent for a further two years.
HSBC will accept applications from customers whose fixed-rate product is due to mature before 30 June 2008. Borrowing is limited to 80 per cent loan to value and the maximum loan will be £250,000.
As HSBC does not deal through brokers the deal will only be available at its branches.
The bank will also charge borrowers a fee to match their old fixed rate. It says the size of the fee will depend on the interest rate and size of loan requested. HSBC believess 72 per cent of customers will pay a fee of £999 or less.
Head of mortgages Martijn Van Der Heijden says: “Many homeowners are worried about their monthly repayments going up and we can help take away that anxiety. Rate Matcher helps customers plan budgets over the medium term and eases the shock of seeking new borrowing when old rates expire. We’re pleased to be in a position to help.”
HSBC says that customers with loans larger than £250,000 can still make use of their rate matcher allowance and top up with another HSBC mortgage for the rest of their required funds.