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HSBC takes lead on 90% loans with 4.99% fix

HSBC took the lead in the battle of 90 per cent mortgages last week as it revealed that it would be allocating £1bn to a new range of high loan to value deals.

HSBC, whose products are not available through intermediaries, is offering a 90 per cent mortgage at 4.99 per cent fixed for two years.

But the deals are only available if people sign up to its Plus current account, which costs £12.95 a month.

Moneysupermarket.com head of mortgages Louise Cuming says the rate on this deal is lower than other providers by between 0.5 and 1.4 percentage points. She says HSBC’s 4.99 per cent is lower than Yorkshire, Cheltenham & Gloucester, RBS and the Post Office, the only other lenders in the arena. She says: “HSBC cont-inues to be one of the few lenders seeking to steer the market at the moment. As ever, there is no such thing as a free lunch or, in this case, a cheap mortgage without caveats.”

Chadney Bulgin director of mortgages Jonathan Clarke says: “Anything that gets other lenders stimulated has to be a good thing because right now all the other 90 per cent offerings are shocking.”

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