Cutting your costs, fighting your corner
Chair, Martin Lewis · Editor, Marcus Herbert
Search bar closed.
MSE News

HSBC offers help for struggling homeowners

Dan Plant
Dan Plant
10 April 2008

From Monday 14 April, HSBC is launching its 'RateMatcher' deal, offering to match some borrowers' soon-to-end low mortgage rates. The global financial uncertainty has caused many lenders to withdraw cheap mortgage deals, a nightmare situation for anyone approaching the end of their current rate. HSBC's deal may be great news if you're in this situation; yet it depends on how the numbers crunch.

Homeowners whose fixed rate mortgage ends before 30 June, and are borrowing less than 80% of the value of their property can apply for a mortgage of up to £250,000 at the rate they're currently paying for a further two years (though the cheapest HSBC will go is 4.54%). The key to whether the deal's worth it hinges on the size of the application fee; HSBC says nearly three-quarters of customers will pay £999 or less, a fairly typical charge. Yet the very cheapest deals will involve fees topping £4,000. From next Monday, a calculator at will detail exactly what you'd pay to clinch the rate you're after, and full details will be included in MoneySavingExpert's free weekly e-mail.

Existing HSBC mortgage-holders could potentially get an even better deal; the bank is offering them the opportunity to fix their existing rate for up to five years, and in general they will pay lower fees to do so; the majority will pay less than £500

Though this could work out very cheap, it's vital to check elsewhere to see how good a deal it really is for you. Use a fees-free, 'whole of market' broker to scour all UK mortgages for any better deals for you - read, and the free Remortgage Guide for loads of information on getting the right deal

MSE Email 23 July 2024

For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

5 steps to slash debt costs
Including longest 0% balance transfers
Disabled or ill pensioner?
Martin: 'Over 1m likely miss out on help'
'Two-child benefit cap' confusion
See Martin's explainer
Slash mobile bills to £4.50/mth
30GB data, unlimited calls & texts
Stop press: Free £25 cash
On 20-month 0% spending card
10% off at Ikea
On spends from £100 to £1,000
£50 cashback on £100 investment
From UK giant Hargreaves Lansdown
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff