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In contrast, First Direct’s deal, which has a 490 fee and is also for loans at 60percent LTV, is not available through brokers as First Direct is a direct-only lender. HSBC itself will be announcing cuts across its mortgage range tomorrow. Lifetime mortgages are loans secured against your home that are taken out in later life as a way of releasing equity out of a property, typically to boost retirement income. Remaining offset loan providers include Accord, part of Yorkshire building society, Barclays, Coventry building society, Family building society and First Direct.
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More than 367,000 mortgage holders will come to the end of cheap five-year fixed rate deals over the next 12 months, according to Equifax. It estimates the average borrower will now pay up to 1,400 a month on their mortgage – 40percent more than a year ago. HSBC is pulling all new customer residential and buy-to-let mortgage deals at the end of today and will relaunch new products on Monday . The bank has said rates across all loan-to-value ratios will be increasing. HSBC and Clydesdale will relaunch their fixed rate offerings next week, but brokers are expecting new deals to be priced at ‘much higher rates’. Major mortgage lender HSBC is increasing the cost of fixed rate deals through brokers by up to 0.35 percentage points, writes Jo Thornhill.
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