HSBC has launched a new tracker mortgage rate.
The new fee-free lifetime tracker rate is available to HSBC current account customers with a 50% deposit or equity.
‘Fee-free’ means no booking fee, no standard valuation fee, no completion fee.
The rate tracks base rate plus 1.99%, currently 2.49%.
Peter Dockar, HSBC’s head of mortgages, said: “We are committed to offering our customers competitive rates, including those with smaller deposits.
“The fee-free 50% LTV rate is in response to demand from our customers; more than half of those taking a 60% LTV product have more than 50% equity in their homes.”
HSBC will cover the cost of one standard valuation where this is required by HSBC as part of the mortgage application. Additionally, where it is a straightforward transfer from another lender, HSBC also pays the standard legal costs.