HSBC reduces mortgage deposit
April 3, 2009 by Brendan
News
Following on from our article yesterday that talked about the recent surprise house price increase in March, hopes that the mortgage squeeze may finally be on its way out have been further fueled by an announcement from HSBC that their mortgage deposit level required to attain their best tracker interest rate is to be reduced.
From Monday 6th April, their two year tracker rate of 2.95 per cent will be available to those with just a 25 per cent deposit, a significant decrease from the previously require 40 per cent deposit. This will be good news to many saving for a property purchase as well as those working or looking to work within the mortgages industry.
HSBC is also to launch a new three year fixed rate deal available for 25 per cent deposit mortgages too.
Martijn van der Heijden, Head of Mortgages at HSBC said: ‘The message is clear, we are open for business and well placed to help borrowers. By widening our maximum loan to value percentages to 75% on some of our best buy mortgages, over two million more homeowners can now apply for them.’
The news comes as the Bank of England has stated the credit crunch may finally be loosening its grip as lenders have said they expect lending to rise slightly over the next three month period, the first rise predicted since September 2007.
Written by
Brendan
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