A new mortgage rate has been launched by a major bank which is said to be one of the 'best' deals since before the mini budget last September. HSBC is now offering a five-year mortgage under 4 percent which comes after the Bank of England raised interest rates last week.
On February 2 the Bank announced it had increased interest rates for the tenth consecutive time, with the base rate now at 4 percent. The decision was made in a bid to lower inflation to 2 percent - a target set by the government.
After the news broke mortgage holders were understandably concerned that this would mean their monthly mortgage repayments would rise in line with the increased rates.
