HSBC raises mortgage rates and pulls 'cheapest-ever' fix

December 7, 2016 | 4years | In the News

Market expert says move could signal end of record low interest rates


The first evidence has emerged that the era of record-low fixed-rate mortgages may be coming to an end after HSBC withdrew its “cheapest-ever” deal and increased rates on other products.

HSBC had been offering a mortgage that allowed customers to lock in for two years at a rate of 0.99%, but this deal has been pulled with immediate effect. The bank’s new mortgage offers are coming in at up to 0.5% higher.

The move follows warnings from mortgage brokers that a number of factors, including Donald Trump’s US election win, were set to push up the cost of new fixed-rate home loans.

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