HSBC UK has cut interest rates on some of its mortgage products to help struggling homeowners pay their monthly mortgage debt, said Martijn van der Heijden, head of lending at HSBC.
The bank’s mortgage rates on its 80 percent loan-to-value (LTV) were reduced by 0.4 percent to help customers cut their monthly mortgage payments.
“Our 2.79 percent discount mortgage is designed to help homeowners, many of whom are facing a tough time,” said Martijn van der Heijden.
HSBC’s 2.79 percent mortgage was among the products that they have reduced, with others including two- and five-year fixed mortgages, as well as two tracker mortgages. All of HSBC’s mortgage products only require a £99 booking fees, which sparks comparison with other lenders who are charging up to £1,999 booking fees.
HSBC hopes that the move will help customers who are struggling to pay their monthly mortgage obligations during the economic downturn.