Borrowers can match their old rate or fix at a new one, as low as 2.49 per cent and fix them for up to five years, from June 8. Under the offer all UK homeowners can apply no matter what their existing mortgage arrangement. HSBC first rolled out this scheme in April.
HSBC says more than one million homeowners either rolling off their existing mortgage deal or already on their lender’s standard variable rate, could switch to a lower rate with its deal.
Rate Matcher has three variable options customers can shuffle between: interest rate, length of fixed period and loan to value, which will together generate their fee.
HSBC head of mortgages Martijn van der Heijden says: “With the base rate at its historic low, it’s definitely a case of when not if mortgage rates will rise. Anyone who would struggle to get by on an interest rate of just four or five per cent should really act now.”