HSBC launches new range of mortgages with up to 90% LTV

HSBC is launching a new range of mortgages with up to 90% LTV, backed with £1 billion of funding.

The new mortgages, available from 14 April, will only be available to HSBC Plus account and Premier customers, via the HSBC branch network.

To take advantage of the mortgage offers, non-HSBC customers and those with only a current account can open an HSBC Plus account to make themselves eligible.

Group general manager of HSBC’s personal financial services, Joe Garner, said, ‘Although house prices have fallen, and continue to fall, they won’t fall for ever. At HSBC we are standing by our customers through thick and thin and these changes mean we can continue to give customers the best possible deal on their mortgage.’

Examples of the new HSBC mortgage range for home purchases include

• 2 year fixed rate – 4.99% for max 90% LTV. £1,499 booking fee
• 2 year fixed rate – 5.49% for max 90% LTV but only £199 booking fee
• Lifetime tracker – 4.59% for max 90% LTV. £999 booking fee

HSBC are also offering a 3 year fixed rate mortgage at 3.99% for up to 75% LTV. With this there’s a £599 fee.

For a discounted mortgage, there’s a 2 year option for up to 60% LTV at 2.49% with a fee of £249.

HSBC are committed to lending up to £15 billion in mortgages in 2009 to UK homeowners. This is 20% more than in 2008.

The HSBC Plus account has a £12.95 monthly charge, although it’s £9.95 for the first 3 months. It includes a number of benefits, such as worldwide family travel insurance and roadside breakdown cover.