Britain's biggest bank, HSBC, is trying to lure tens of thousands of mortgage customers whose fixed rate deals are expiring with other lenders. From Monday 14 April, HSBC will match borrowers expiring fixed-rate deals for a further two years, however the offer will be open for just five weeks, new customers will have to put down a minimum 20% deposit, and they will be charged a large fee.

An HSBC spokesman said "this is not too good to be true". HSBC relies less on the financial markets to raise the funds for its mortgages than other lenders and is keen to take advantage of the weakness of its competitors in the mortgage market. "Many homeowners are worried about their monthly repayments going up and we can help take away that anxiety," said the bank's head of mortgages, Martijn Van Der Heijden.

The bank is expecting huge demand for its latest offer and will use three times the usual number of staff to handle applications. Its deal will be open to people whose fixed rate deals are due to expire by 30 June this year and the maximum loan will be £250,000.


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