HSBC – no fees until October

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by Kay Murchie

As part of a late summer promotion, HSBC, one of Britain’s biggest banks, is to scrap all mortgage fees. The bank has announced that it will be free from fees until the end of September – for both new and existing customers. This announcement follows an investigation into the charges by the Financial services Authority.

Borrowers hoping to acquire HSBC’s best rates will still need to pay arrangement fees to secure what it is calling ‘Mortgage Specials’. However, homeowners need to be aware that HSBC’s rates are higher than many of its competitors.

A spokesperson for HSBC said it was trying to give customers a clearer picture when they compare deals and it will not charge booking, valuation, completion, exit, servicing and conduct fees and higher lending charges until October.

HSBC added that some lenders are under pressure to axe their exit fees so HSBC has opted to scrap all its fees on its standard mortgage range until the end of September.