London Bank creates competitive first-time borrower program
Rates aim to match or beat competitors
London Bank HSBC is testing out a new competitive approach in its hunt for new borrowers. The mega bank launched a range of new lending initiatives, many of which are aimed at new homebuyers, The Guardian reports. The publication further explains:
HSBC says that under its First for First-Time Buyers initiative, rates will "beat or match" the 90% loan-to-value deals offered by eight other major high street brands.
The promise applies to two- and five-year fixed rates and lifetime trackers for buyers with a 10% deposit, provided the rival deals don't charge a booking fee of more than 999 Euros.