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HSBC pulled out 4.99% and 5.19% deal this morning.
Christal_2
Posts: 216 Forumite
Just spoken to the mortgage centre of HSBC, and they told me the marketing leading fixed rate of 4.99% has been pulled out 3hours ago today, also have been removed from the market is the 5.19% discount tracker rate, it seems all the lenders have determined to get people to pay sky high rates while the Bank of England base rate is going down.
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Comments
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More like they are determined not to receive 100* the volume of applications that they are setup to handle indefinitely.
HSBC can lend mortgage funds at 4.99% and still make a profit (due to a huge balance sheet), many other lenders can't. As other lenders have put their rates up, they have left HSBC exposed, hence they need to dial back business volumes by increasing rates.
Where their "Ratematcher" publicity stunt fits within this strategy . . .I am stumped to be honest.0
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