27 Apr

New mortgages 'may appeal to consumers'

New mortgages 'may appeal to consumers'

A new range of mortgage offerings being provided by HSBC may appeal to consumers, it has been claimed.

According to Paula John, editor of Your Mortgage Magazine, the offers suit current market conditions.

She was referring to the split loan mortgage plan, which enables people to fix a proportion of the home loan, with the remainder being variable and tracking the base rate.

Consumers have the choice of selecting products in which 25 per cent, 50 per cent or 75 per cent of the loan is fixed, with the rest placed on a lifetime tracker.

Ms John acknowledged they may be not suitable for everyone as some people will view the deals as too complicated.

However, she added: "What the split loan mortgage offers is a chance to hedge your bets, which will probably be appealing to a lot of people who can handle the complexity of the sound of the deal."
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