25 Mar

Mortgages launched in response to Budget

Mortgages launched in response to Budget

New mortgages have been launched intended for people seeking properties worth £250,000 or less.

HSBC has rolled out two products aimed at such people and said the development was also partly timed to coincide with spring.

One of loans is fee-free and is a lifetime tracker mortgage charged at 4.49 per cent. It is available with a maximum loan-to-value ratio of 90 per cent.

Meanwhile, the second offering is a two-year fixed-rate mortgage charged at 2.99 per cent.

Head of retail products at HSBC Andy Mielczarek said: "The combination of the stamp duty cut and our new mortgage deals gives first-time buyers (FTBs) a healthy boost towards their goal of joining the housing market."

In the Budget, the chancellor announced that stamp duty will no longer apply to FTBs looking for properties worth under £250,000.

Mr Mielczarek welcomed the move, saying it will help such people get access to the housing market.

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