Money News

HSBC is best for first-time buyer mortgages

HSBC has won a Moneyfacts award for its first-time buyer mortgages, which are available to borrowers with just a 10% deposit.

Financial information company Moneyfacts (www.moneyfacts.co.uk) has awarded HSBC (www.hsbc.co.uk) the title of “Best first-time buyer mortgage provider.” It was also named “Best remortgage provider” and “Best bank mortgage provider.”

Lee Tillcock, editor of Moneyfacts, said that the annual awards “continue to recognise and reward outstanding service levels and product quality.”

In April this year HBSC introduced a new range of mortgages available to first time buyers with deposits of just 10%.

Earlier this month the bank also relaunched its Rate Matcher mortgage which promises to match or beat your existing mortgage rate (as low as 2.49%) and allow you to fix it for up to five years.

Chris Eagle, commercial manager at CreditChoices.co.uk, is impressed with the quality of HSBC’s products.

He said: “The Rate Matcher mortgage is a great solution for borrowers who want to fix their rate without paying a premium and the introduction of mortgages at 90% loan-to-value really offers hope to first-time buyers who have previously been excluded from the market.”

Other winners of the Moneyfacts awards included the following:

• Best current account provider – Alliance & Leicester (www.alliance-leicester.co.uk)
• Best internet account provider – ICICI (www.icici.co.uk)
• Best credit card provider (balance transfer rate) – Virgin Money (www.virginmoney.com)