HSBC

HSBC offers 90pc LTV sub 4% interest rate for mortgage borrowers with a 10% deposit – a 3.84% two-year discount deal with no fee to pay.

The bank continues to offer two-year and five-year fixed rates at 85% and 90% LTV fee-free.

Peter Dockar, head of mortgages at HSBC, said: ?We are committed to supporting first-time buyers and last month we pledged to make a further ?350 million available to borrowers with equity or a deposit of 10-15% by the end of the year.

Those borrowers with a larger deposit can get lower rates but fees are payable. For example, customers with a 40% deposit can obtain a 2.39% lifetime tracker – current pay rate 2.89%. There is a ?999 booking fee plus a valuation fee and completion fee.

There is also a 3.28% five-year-fix which carries a more hefty ?1,999 booking fee plus valuation fee and completion fee.

HSBC’s new mortgage range features its lowest ever interest rate – 1.99 per cent on a 2-year discount loan – available to customers with a deposit of 40 per cent of their property value.

The range of new loans includes a second two year discount mortgage for customers with at least a 25 per cent deposit at an interest rate of 2.49 per cent. Both discount mortgages have arrangement fees of ?1,199 and are discounted from HSBC standard variable rate which is currently 3.94 per cent.

A new three year fixed rate mortgage, at 4.19 per cent with a fee of ?999 and a maximum loan to value of 60 per cent is also available.

It is being reported that 1,100 HSBC job cuts in its global banking and markets division.

The reductions in the division?s back-office operations amount to about 4% of HSBC’s wholesale banking workforce.

The move follows yesterday?s news that Bradford & Bingley has shut a mortgage processing centre and cut its sales team that deals with mortgage brokers, not to mention its branch-based advisers.