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HSBC will launch mortgages lasting up to 40 years from today as it looks to attract prospective homebuyers crushed by the weight of rising interest rates. The bank will promote the new term on both residential and buy-to-let mortgages initially through brokers before issuing the loans directly to customers from September 13th. 

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Major lenders including NatWest, Nationwide and Coventry Building Society have cut interest rates on fixed mortgage deals as they bank on inflation dropping. All six of the largest lenders have slashed products in the past seven days - for a fourth week in a row.

Official inflation figures published this morning are expected to buoy hopes that households will feel some reprieve from the pace of eye-watering price rises.

Inflation fell to a 15-month low in June and is predicted to have dropped further. But the Bank of England is expected to keep increasing interest after it raised it to a fifteen year high of 5.25% earlier this month.

Daily Mail

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UK house prices edged down in July to an average of £285,044, marking a fourth consecutive monthly decline but with the market showing increased activity, according to data from Halifax.

The average house price fell 0.3% last month, broadly in line with a 0.2% drop reported last week by rival lender Nationwide.

The current figures suggest the housing market has so far proved resilient in the face of the sharpest rise in interest rates for 35 years.

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The Bank of England has raised interest rates again by 0.25% to 5.25%.

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HSBC is the first high-street bank to cut mortgage rates after better than expected inflation figures last week.

The bank said rates across 16 mortgage deals would fall from 26th July, while smaller lenders also announced reductions.

HSBC has cut its standard two-year fixed mortgage rate from 6.24pc to 6.14pc for those re-mortgaging  - a drop of 0.1 percent.

Its five-year fixed rate mortgage for those re-mortgaging has fallen to 5.64pc from 5.84pc.

It comes after official figures last week showed inflation eased to a 16-month low of 7.9pc in the year to June. This was down from 8.7pc in May and well below the 8.2pc expected by economists.

Average mortgage rates dipped slightly for the first time since May the day after the figures were released

The Telegraph

  1. ARE UK PROPERTY PRICES GOING UP OR DOWN?
  2. CHANCELLOR STRIKES A DEAL WITH BANKS TO HELP FAMILIES HIT BY SURGING MORTGAGE REPAYMENTS
  3. YET ANOTHER INTEREST RATE RISE.
  4. AVERAGE 2 YEAR FIXED MORTGAGE NOW AT 6%

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