HSBC pulls top five-year fixed rate mortgage deal
HSBC has withdrawn its ground-breaking 2.99% five-year fixed rate mortgage offer, just four weeks after launch.
In July, HSBC set the mortgage world alight by offering the cheapest five-year fix ever. The move prompted a raft of other lenders to follow suit with similar cheap deals.
Santander quickly issued an almost exact carbon copy of the HSBC deal. Soon after NatWest muscled in and took the crown for cheapest five-year fix ever and Nationwide launched a competitive four-year option.
The cheapest five-year fix that HSBC now has to offer is a deal that charges 3.29% on a maximum loan-to-value of 60%, with a fee of £499 (cut from £999).
But Santander and NatWest still have their copycat offers available, which are the cheapest available on a deal of this kind.
Santander offers a rate of 2.99% for five years on an LTV of 60%, with a fee of £1,495. But this deal is only available to current account holders.
NatWest's deal is also on a 60% LTV. It offers a cheaper 2.95% for five years, but comes with an enormous fee of £2,495.
If you don't have a 40% deposit to hand there are plenty of options for smaller deposits if you want a long-term fixed rate. Leeds Building Society has a good range including one five-year deal for 5.99% on a 95% LTV for a fee of £1,198.
Fabulous five-year fixes
Here is a run down of a few great five-year fixes across a range of deposit sizes. But for help finding the best deal for you, why not pick the brains of one of our fee-free mortgage brokers?
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