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The new mortgage guarantees a rate review every quarter on 1st January, 1st April, 1st July, 1st October and the rate will be automatically re-set in line with the actual current three month EIBOR rate.
HSBC's existing "Flexi-Home" mortgage product offers a variable interest rate mortgage. As of 1st July the interest rates on this product will be reduced by 100 basis points for all customers. HSBC guarantees that going forward this mortgage rate will also be reviewed on a quarterly basis.
Customers who are interested in converting their current "Flexi-Home" variable interest rate mortgages to the EIBOR based mortgage product can do so free of charge until 30th September 2008.
Existing HSBC Amanah Al Asaas home finance customers will also get a reduced profit rate of 1% from July 2008.
Speaking about the launch, Gul Khan, Regional Head of Premier, Home Finance and Insurance said, "The market has become considerably more competitive since we launched our mortgage operation here over five years ago though mortgage choice still remains limited. Our expanded product offering aims to extend this choice so our customers can take advantage of the booming property markets and prevailing low interest rates.
"Our new product offers customers 100% transparency on the pricing methodology and will help informed customers to know where their interest rates are heading, allowing them to budget accordingly."
The loan is available for both house purchases and re-mortgages, and gives re-mortgage customers the opportunity of realising up to 75% of capital tied up in their property. HSBC EIBOR based mortgage is open to both employed and self-employed customers.
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Posted by Medilyn Manibo, Assistant News Editor
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