Hamptons managing director Jonathan Cornell pointed out there is a concern in the market that there is not enough capacity to deal with all the cessations this year.
The pressure in the market has also been intensified by Northern Rock’s decision to slash its mortgage book by 60 per cent by 2011.
Cornell said: “If HSBC can help to ease the pressure, then it is very good for the market.”
Alexander Hall chief operating officer Andy Pratt said: “HSBC has always done tactical moves like this. It is a way for it to grow market share. I do not really blame them for doing it.”
HSBC’s rate matcher will see the bank match rates as low as 4.54 per cent for a further two years. The deal will be available for the next five weeks and will see borrowers charged a fee to match their old fixed rate.
The bank has limited borrowers to 80 per cent loan to value, with the maximum loan at £250,000.