HSBC match a fixed deal mortgage offer

Sean Gardner of commented: "HSBC has thrown a lifeline to hard-pressed mortgage borrowers today with the offer of matching anyone’s fixed rate deal for another two years.

"You will need to have a 20 per cent deposit and if you were lucky enough to secure a rate below 4.54 per cent previously you won’t qualify. And the £999 fee might put some people off, particularly when cash is already tight."

"But the average fixed rate mortgage deal is currently around 6.2 per cent and there are very few deals below 5 per cent. So HSBC is in a strong position."

"This is a really clever move to build market share and people should flock to HSBC while the offer is out there. The fact that HSBC owns First Direct – which closed to new business last week temporarily – shows the importance of financial strength in the current market turmoil."

"All we hear is bad news when it comes to property prices and lending so this is a breath of fresh air for homeowners."

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