High street lender HSBC has reinstated a pledge from 2013/2014 to match any mortgage rate offered by its competition. The statement has stirred up the situation as lenders go all out to compete for a bigger share of the mortgage market.
The price match promise will apply to both new and existing customers, providing they have either a deposit or existing equity of between 10% and 30%. It states that if they meet that criteria, then HSBC will price match the mortgage rates on sale by several other key players in the market.
With an accompanying booking fee of up to £1499, the lender has announced that its product range for 70%, 80% and 90% loan-to-value (LTV) mortgages will now be the best of the high street lenders. It covers fixed rates of both two and five years, lifetime tracker products, and even the two-year discount rate.
The offer is set to run until the end of February, applying to all eligible like-for-like comparisons. Recent months have seen a large number of lenders slash their rates to their lowest ever, as there is still some uncertainty as to when the Bank of England rate will begin to increase.
As a mortgage advisor who has achieved the appropriate pass and gained certification following completion of your CeMAP training, you will be the first port of call for customers looking for advice on the most suitable mortgage package for their needs. You will be able to assess and identify their requirements and advise them accordingly, within the constraints of your employer and the regulation requirements of the Financial Conduct authority (FCA).