HSBC Bank to decrease standard mortgage rate by 0.25%

HSBC Bank is planning to reduce its HSBC variable mortgage rate by 0.25% from 6.75% to 6.50%, effective March 7, 2008.

Immediately following the Bank of England Monetary Policy Committee’s decision to decrease its base rate, HSBC tracker mortgage rates will decrease by 0.25%. All homeowners can still apply for HSBC’s 4.99% discounted variable rate mortgage until February 10, 2008 and will see the interest rate reduce to 4.74% on March 7, 2008.

Furthermore, HSBC’s fixed rate mortgage customers rolling off their existing deals between now and at least April 30, 2008, can make use of the bank’s new RateMatcher offer. RateMatcher will enable existing HSBC customers to re-fix their new mortgage at the same rate as their previous loan and absorb any repayment shock they maybe facing.