HSBC launches new 40-year mortgage for first-time buyers and existing homeowners

HSBC UK is offering 40-year mortgages to help people on to or up the property ladder. The bank said its longest ever mortgage term could help provide people with lower monthly repayments.

According to Moneyfactscompare.co.uk, across the market, the average two-year fixed residential mortgage rate is 6.72% and the average five-year fix is 6.21%. Top Money Stories Today HSBC UK's 40-year mortgage is available via brokers from Wednesday and customers making direct applications will be able to apply from September 13.

"There are obvious benefits to being mortgage-free in retirement itself, but, additionally, having the option to swap mortgage payments for pension contributions in those valuable years leading up to retirement can have a significantly positive impact on your pot, and, as a result, on your standard of living in retirement."

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- latest: Major lender offers 40-year mortgage for first time ever - but how much extra interest do you pay?HSBC has launched a 40-year mortgage for the first time aimed at people who are struggling to afford payments over more traditional periods due to significant interest rate hikes over the last 18 months.
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- latest: Major lender offers 40-year mortgage for first time ever; ULEZ cameras ripped downHSBC has launched a 40-year mortgage for the first time aimed at people who are struggling to afford payments over more traditional periods due to significant interest rate hikes over the last 18 months.
Source: SkyNews - 🏆 35. / 67 Read more »