Borrowers with good deposits have ‘opportunities’, says expert

Those keen to move home may find there are some very good chances to get a low-rate mortgage if they can stump up a big enough deposit, a property expert has said.

Responding to news that HSBC has launched a new discount deal at 1.99 per cent for a 40 per cent deposit this week, partner relationship manager at online change of address service Jon Brown argued it was “not quite an answer”.

It will take more than this to lift the overall downbeat atmosphere round the property market, he suggested.

However, Mr Brown did remark: “This new grit in lender courage presents an excellent opportunity for the first-time buyer with a large enough deposit,” adding that HSBC’s move may “spark” others into offering similar deals.

As well as offering the 1.99 per cent rate ñ which it declared was its lowest ever ñ HSBC also introduced a 2.49 per cent deal with a 25 per cent deposit.

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