HSBC is offering a new discounted mortgage rate for first-time home buyers in order to boost the UK housing market.
The bank said first-time buyers who can only pay a 10 percent deposit can avail the 3.84 percent two-year discount deal with no payable fee. It claimed that this is the only mortgage package for first-timers with a rate of under four percent.
It said the product aims to provide additional help to interested buyers with smaller deposits who have been unable to find a mortgage.
“We are committed to supporting first-time buyers and last month we pledged to make a further £350m (S$709.25 million) available to borrowers with equity or a deposit of 10 percent to 15 percent by the end of the year,” said Peter Dockar, Head of Mortgages at HSBC.
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