HSBC is adding a range of 95 per cent LTV mortgages through its broker partners.
The deals are available for two, three, or five year fixed rates and come with no booking fee.
The range is available to first-time buyers and those looking to move house and come with interest rates starting at 3.49 per cent for a two-year fix.
Free valuations are available and no product fee applies. Mortgages are available for up to £400,000 for a maximum term of 30 years.
HSBC UK head of retail products Tracie Pearce says: “Much has been publicised about the difficulty first-time buyers face breaking into the housing market, particularly in London and the South East.
“Nevertheless, there is still a really strong desire for home ownership, with as many as 59 per cent of first time buyers recently telling us that they would be open to the idea of buying with someone they do not know.
“But with only a 5 per cent deposit required for our new range of mortgages, no booking fees, free standard valuations, and stamp duty exemption up to £300k, we hope to help first time buyers get a footing in the market with very little initial outlay. And with historically low interest rates monthly payments can end up being less than rent in some cases.
“The vast majority of prospective first time buyers prefer having a helping hand through the home buying process, so we are pleased to initially make our 95 per cent LTV mortgages available through our broker partners.”
HSBC has 27 broker partners and including recent additions John Charcol, JLM Mortgage Services, Private Finance and Andrews Estate Agents.
That’s great if you have access to HSBC which most of us don’t! Just the chosen few so far. These news articles get really annoying when they only apply to the minority. I am sure I won’t be the only one irritated by it.