HSBC has today (Thursday 02 February) launched new mortgage products for those with a 10% deposit which it says confirms its commitment to first time buyers.

HSBC continues to offer a two year discount rate of 3.84% for those with a 90% LTV, with no fees to pay.
In addition, for those with a 10% deposit wishing to fix their mortgage payments, HSBC is offering a rate of 4.49% fixed for two years with a £599 booking fee.

In the first half of 2011, more than one in four loans granted by HSBC was to first time buyers, and the bank intends to continue with this support in 2012, it explained. Last month, HSBC committed to make at least £3 billion available to first time buyers this year, estimated to help over 27,000 people hoping to get on the property ladder.

HSBC has been awarded First Time Buyers’ Mortgage Choice for the past two years running and Best High Street Mortgage Provider for the past three years in the Consumer Moneyfacts Awards.

‘Owning a home is still an aspiration for many. We will continue helping make that dream a reality with a range of products that assist those with relatively small deposits get onto the property ladder,’ said Peter Dockar, head of mortgages at HSBC.

HSBC will also continue to make its fee free range available at 90% to help first time buyers keep their upfront costs down.

As well as helping customers with a smaller deposit to get on the housing ladder, HSBC also continues to offer attractive deals for those with a 40% deposit including a 1.99% two year Discount Mortgage with a £1,499 booking fee, a 2.24% two year Fixed Rate Mortgage with a £1,999 booking fee, and a 2.39% Lifetime Tracker Mortgage with a £999 booking fee.

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