The bank said the first two weeks of August were the busiest HSBC has experienced so far this year with enquiries increasing by over 250%. HSBC is approving a mortgage for 4 in every 5 customers that apply.
The lifetime tracker, at 1.69% over the Bank of England base rate, could be withdrawn at anytime, but will definitely be removed from sale by September 5th 2010.
Martijn van der Heijden, HSBC's head of mortgages said, "This low rate low fee tracker mortgage has captured the interest of a huge number of customers. We have extended the offer to enable as many customers as possible to get it. The low costs together with no tie-ins has proved a real winner, borrowers can take advantage of the low rate now and once base rates start to rise, switch into a fixed rate with no exit or redemption charges."
