HSBC Offers Cheap First-time Buyer Mortgages

British first-time buyers now have more chances to get on the property as HSBC has launched new mortgages and slashed interest rates on high LTV loans.

One the leading UK banks, HSBC, recently announced it plans to allocate 350 million pounds for first-time buyer mortgages. Bank representatives also said that high loan-to-value mortgage will be available without any administration fees.

The decision was taken by HSBC as the bank tries to support British first-time buyers. This year, one in eight UK first-time buyers got their mortgage at HSBC because the bank offers low interest rates and favourable loan terms.

Today, first-time buyers with a 10% deposit can get a mortgage for as low as 4.49% and 4.89% (2-year and 5-year fixed loans respectively). Those who have a 15% deposit and more, will benefit from even lower interest rates.

Commenting on the news, Peter Dockar of HSBC said: “In 2011 we have continued to offer very competitive rates and great advice to those with a relatively small deposit which has helped us to increase the amount we have lent to first time buyers.”

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