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HSBC slashes flagship two-year fix to 1.49%

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HSBC has cut its flagship two-year fixed rate by 19 basis points from 1.68 per cent to 1.49 per cent, which becomes the lowest two-year fix in the market.

The direct-only loan is available to those with a 40 per cent deposit and comes with a £1,999 fee.

HSBC has also cut the rates on a two-year discount, from 1.75 per cent to 1.69 per cent, and a lifetime tracker from 2.28 per cent to 2.19 per cent.

The products have fees of £1,499 and £1,999, respectively.

Along with the rate cuts at 60 per cent LTV, HSBC is introducing two new five-year fixed rate loans at 60 per cent LTV.

This includes a 2.59 per cent product with a £1999 fee and a 2.99 per cent product with a £99 fee.

HSBC head of mortgages Peter Dockar says: “We have seen increasing confidence in the market and with mortgage rates at an all-time low now is a good time for borrowers to review their existing rates.”

Moneyfacts.co.uk spokeswoman Rachel Springall says: “The 1.49 per cent two-year fixed is the lowest rate in the market.”

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