HSBC bank yesterday announced that as it launched two new fixed rate mortgage deals this month, it saw a doubling in the number of mortgage applications received in February, an increase that they attribute to their new fixed term mortgage deals.
Martijn van der Heijden, head of mortgages at HSBC, said: “The clear feedback we have received from customers is that they now want to lock into today’s historically low interest rates. Base rates don’t have much further to fall, so demand for longer term fixed rate mortgages is increasing.”
Today, HSBC has announced two more new fixed rate mortgage deals, including a five year fixed at 3.99 per cent and a ten year fixed at 4.98 per cent. The downside is that they both require a 40 per cent deposit, although the five year is available at 4.99 per cent for those with a 25 per cent deposit.
HSBC intends to lend double the amount it did in 2007, a total of £15 billion, which is what the property market needs from more mortgage lenders.
CeMAP students just looking to start their careers as mortgage advisors will be pleased to hear news such as this.