Cut in mortgage costs by HSBC for buyers who are first-timers
The customers who have around 10 percent deposit on the bank, the bank offers mortgage to them at the lowest rate of 3.84 percent. On a contrary, the prices at other places in the market are only rising. The HSBC bank says it has taken a pledge that they would make available a sum if 350 million dollars to the borrowers who have smaller deposits and that to by the end of this year. They have come out with a suitable deal for the borrowers who are first-time buyers. This deal which is of two years has the lowest rate of mortgage for the people who have 10 percent deposits.
Through the way of this deal the bank is all set to provide a deal for two years and that too at discounted prices of about 3.84 percent as well as without charging any fees. If in case you are a first –time buyer then you would enjoy a very low rate of mortgage by at least 4 percent. In the beginning that in the initial two years the rate would be even less than the SVR (Standard Variable Rate) of the bank that is 0.1 percent. At present it is 3.94 percent. When two years get over, the buyer can get over to what the SVR is.
The HSBC bank says that through this product they want to help out the people who are going to buy for the first time are facing troubles as their deposits are smaller in sum and thus are facing problem is finding out mortgage.
Although it is true that the deal by the HSBC Bank is like the leader of the market but in spite of that a number of money lenders are ongoing with the idea of raising the mortgage product rates. This has happened as they have incurred losses in the costs of the borrowings during slow crisis period of Euro zone. The rates on which the banks lend money to each other are known as Libor. It has also gone up at the height of 1.02 percent. Apart from this, even the rates of swap have also gone upwards.
In addition to this, even the government of the country has also made an announcement that they are also going to take certain measures to bring respite to the people who are on the initial level of buying any property. They have also launched a scheme.
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