HSBC Launch Help To Buy Mortgage Deals
28 November 2013 / by Isabel Buxton
HSBC has launched a range of Help to Buy mortgages as part of the Government’s latest Help To Buy scheme, with rates of between 90% and 95% LTV launching later this year.
2 year or 5 year fixed rate mortgages on offer
Mortgages on offer will include a 4.79% 2 year fixed rate or a 4.99% 5 year fixed rate, both of which will require a minimum deposit of £10,000. All 90-95% LTV mortgages will only be sold on an advised basis in HSBC branches and will only be available to borrowers looking to purchase, although the HSBC has hinted that it may include remortgage customers in these deals at a later date.
Help for First Time Buyers
“We want to support our home owning and home buying customers and recognise that particularly for first time buyers, building the necessary deposit can be a real challenge,” said Antonio Simoes, CEO of HSBC in the UK. “HSBC already offers some of the most competitive higher LTV mortgages in the market” he continued, “and currently promise to beat or match rates from our high street competitors at 90% LTV. By participating in Help to Buy, we will go further and offer mortgages up to 95% LTV.”
See the table below to compare the latest Help To Buy mortgage deals:
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Help To Buy Mortgage Deals
|
Provider
|
Type
|
Initial Interest Rate
|
Initial Term
|
Max LTV* | Product Fee | |
|---|---|---|---|---|---|---|
 Call FREE on 0800 158 2934 |
Fixed |
3.57% Reverts to 3.99% |
2 Years |
95% |
No | More Info > |
| Early redemption charges may apply. Overall Cost for Comparison 4.00% APRC. This is the cost of the mortgage over the full term. | ||||||
 Call FREE on 0800 096 7447 |
Fixed |
3.57% Reverts to 3.99% |
2 Years |
95% |
No | More Info > |
| Early redemption charges may apply. Overall Cost for Comparison 4.00% APRC. This is the cost of the mortgage over the full term. | ||||||
 £500 CASHBACK Call FREE on 0808 178 6813 |
Fixed |
3.60% Reverts to 4.74% |
3 Years |
95% |
No | More Info > |
| £500 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.60% APRC. This is the cost of the mortgage over the full term. | ||||||
Call FREE on 0800 158 2934 |
Fixed |
4.24% Reverts to 3.99% |
5 Years |
95% |
No | More Info > |
| Early redemption charges may apply. Overall Cost for Comparison 4.30% APRC. This is the cost of the mortgage over the full term. | ||||||
Call FREE on 0800 096 7447 |
Fixed |
4.24% Reverts to 3.99% |
5 Years |
95% |
No | More Info > |
| Early redemption charges may apply. Overall Cost for Comparison 4.20% APRC. This is the cost of the mortgage over the full term. | ||||||
Representative Example:
A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.
The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).
In this example the overall cost for comparison is 3.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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