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HSBC pledges £1bn funding for new 90% LTV range

From next Tuesday (14 April), HSBC will offer the new mortgage products to HSBC Plus account and Premier customers, although new customers can open an account to take advantage of the offer.

However, remortgage customers will not be able to apply for the new range of products.

In addition, the new products will only be available from HSBC's branch network.

Joe Garner, group general manager of HSBC's personal financial services, said: "Although house prices have fallen, and continue to fall, they won't fall forever.

"At HSBC we are standing by our customers through thick and thin and these changes mean we can continue to give customers the best possible deal on their mortgage."

The new range is part of the lender's commitment to offer £15bn in funding for new lending to UK homeowners.

The new range will include a two-year fixed rate product at 4.99 per cent, with a £1,499 booking fee, and a two-year fixed rate of 5.49 per cent with a £199 booking fee.

A lifetime tracker will also be available currently at 4.59 per cent with a £999 booking fee.

All three products are available up to 90 per cent LTV for home purchase only.

Meanwhile, a three-year fixed rate of 3.99 per cent will be introduced for loans up to 75 per cent LTV, with a £599 fee.

A two-year discounted rate product will also be available up to 60 per cent LTV with a £249 per cent fee.

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