As we enter the first day of our four-week (at least) lockdown, HSBC has announced their new mortgage rate of 2.95% for one-year and 18-month terms, along with a two-year rate of 3.09%.
These are some of the lowest rates in the market, next to Heartland Bank. How effective these rates will be while the nation is locked down remains to be seen.
We don't expect to see any of the big five banks matching this low rate; not for the next four weeks. To see where rates are currently sitting, view our rates table here.
After the lockdown and transactions start to resume, we could see all banks dropping rates to below 3% to win business and make up for lost time. As we’re all aware, these are precedented times, and there’s no handbook. We’ll keep a close eye and continue to post updates to our news section.