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HSBC launches mortgage rate matcher

HSBC has set the cat amongst the pigeons in the UK mortgage market with the launch of a mortgage rate matcher. The company will match any mortgage rate down to 2.49% and fix the rate for an agreed term. However, for those with relatively small mortgages looking to refinance their debts there is the small fact of fees of up to £4700 attached to the mortgage matcher product. So is this really worth looking at?

Anybody with a mortgage in the UK will be well aware that various standard variable rates have fallen substantially over the last few months as UK base rates have fallen to 0.5%. Some customers are on standard variable rates as low as 2.5% although these will increase in due course as and when the economy picks up. However, the chance to now fix your rate at around 2.49%, on a match for match basis, is something which many people will consider although they need to take into account the substantial fees attached to the product.

This is something of a double edge sword and professional advice should be taken before any reorganisation of mortgage debt is carried out. Whether we will see a reduction in the fees associated with this particular product remains to be seen.

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