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HSBC looking to help first-time buyers

Financial Advice 09/29/2009 14:09
HSBC looking to help first-time buyers - UK - HSBC - First Time Buyer - Financial/Loan


HSBC has today announced additional funding of £500 million which will be targeted at the first-time buyer market, an area of the UK mortgage market which has remained an outcast for some time. This follows an earlier move by the bank to inject a further £1 billion in loans to customers who were unable to raise deposits of more than 10%.



While the move has been well received by potential first-time buyers in the UK, it is worth remembering that for those unable to collate a house purchase deposit in excess of 10%, the best two-year fixed rate available with HSBC is 5.99% against UK base rates of 0.5%. When you also add in a £599 arrangement fee the offer does look a little less impressive although to be honest it is still one of the best available at the moment.

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