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Brazil : 4.89% MORTGAGE rate is offered by HSBC.

Deposits of just 10% have been stepped up, to attract mortgage customers with the announcement of a new deal with the lowest rate the market has seen.

Its seven-year fixed-rate mortgage at 90% loan-to-value (LTV) has a rate of 4.89% and no fees to pay for homebuyers, said by HSBC.

According to consumer website Moneyfacts, earlier this year, the previous lowest rate for a a similar deal was a mortgage at 5.14% offered by the Chelsea Building Society.

It is also offering the same rate as its seven-year deal on 90% LTV fixed rate mortgages for two, three and five years. It is also launching a fee-free lifetime tracker rate at 4.49% for first-time buyers and home movers with a 10% deposit, said by HSBC.

According to, spokeswoman for Moneyfacts, Rachel Springall, said of HSBC's announcement: "While it's great to see some low rates launched specifically aimed at first-time buyers, only the seven-year option sits as the market leader at 90% loan-to-value.

"Customers will find the fee-free option particularly attractive, especially if they are trying to keep initial costs down. Any helping hand for struggling first-time buyers will be considered a great advantage and has the potential to assist borrowers trying to get on to the property ladder."

Borrowers have six weeks to apply for the rates since the lender said applications must be received by October 14.

At present, Nationwide and Santander have declared that, mortgage rate increases and lenders generally have been tightening their borrowing criteria amid the weak economic backdrop, making it harder to take out a mortgage.

And the research from comparison website Money Supermarket found that, in last six months the choice of 90% LTV mortgages which has shrunk back significantly.

2012 Al Bawaba (Albawaba.com)

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Publication:Mena Report
Date:Sep 3, 2012
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