HSBC has announced it is slashing interest rates on its fixed-rate mortgage loans in a move that could save the average UK mortgage holder around £500 a year.
The bank said its standard two, three and five year fixed-rate loans are to be cut by 0.56 percentage points to 6.27 per cent, from next Monday.
The interest rate for loans on the same terms with a £799 fee will also be reduced, from 6.43 per cent to 5.97 per cent.
HSBC confirmed that the latest rate reductions are in response to a fall in its funding costs, driven by a decline in borrowing costs in the wholesale markets.
The lender had a 7 per cent share of the UK mortgage market in the first half of this year, a spokesman for the bank revealed.
HSBC Announce Cuts On Mortgage Loan Rates
HSBC Announce Cuts On Mortgage Loan Rates
Wed, 10 Sep 2008
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