Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A five-year mortgage deal which had a record low rate when it was launched a month ago was withdrawn from sale today.
HSBC said its 2.99% mortgage offering has been taken off the market as it has used up all the money allocated to fund it.
The bank declined to say how much money it had lent at this rate or how many successful applicants there had been.
It said borrowers will still be able to apply for a similar deal, which carries a slightly higher rate of interest at 3.29%.
An HSBC spokesman said of the deal: "It was market-leading, so it was always going to be attractive."
Comparison website Moneyfacts previously said HSBC's five-year fixed rate of 2.99% was the lowest it had ever recorded for this type of mortgage when it was launched a month ago.
Borrowers needed a hefty 40% deposit to take it out.
Several lenders have launched similar low-rate mortgages in recent weeks, but much of this increased competition has been aimed at people with larger amounts of equity who are seen as less "risky" borrowers.
People with smaller deposits are expected to have a tougher time taking out mortgages in the coming months in the uncertain economy.
The Bank of England and the Treasury recently launched a "funding for lending" scheme to unclog the flow of credit.
PA
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments