8 Apr

Bank launches 90% mortgage deals

Bank launches 90% mortgage deals

HSBC has announced it is launching a series of mortgage deals with loan-to-values (LTVs) of up to 90 per cent, which may be beneficial for first-time buyers.

The lender has said it is using £1 billion of funding to supply its new range of products, which are part of its plan to lend twice as much in homes loans this year as it did in 2007.

It is offering a two-year fixed-rate deal at 4.99 per cent with a booking fee of £1,499 and another at 5.49 per cent with a £199 fee.

The third 90 per cent LTV is a lifetime tracker product set at 4.59 per cent with a £999 fee.

Group general manager of personal financial services Joe Garner said the mortgages have been designed with the long term in mind, commenting: "Although house prices have fallen and continue to fall, they won't fall forever."

Last week Abbey announced it was offering an 85 per cent LTV deal aimed at first-time buyers, fixed at 5.84 per cent over four years.

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