Customers who choose this type of interest rate deal will be expected to repay their mortgage as part of an interest only agreement. This means that the customer will be responsible for paying the initial loan at the end of the mortgage period.
Single applicants must have a minimum salary of £30,000, and joint applicants must have a combined salary of at least £50,000. In order to be eligible for this type of mortgage, customers must also hold a current account with 1st Direct.
If for any reason this mortgage deal does not fit with your requirements, customers are advised to research the market as much as possible using mortgage comparisons on the various offers that are available.
Founded in 1865 with headquarters based in London, HSBC are one of the largest global financial services providers in the world. With products designed for four large customer groups, including personal financial services, markets and global and commercial banking, the company offer a wide range of different products that may be highly useful for customers.
Although HSBC Offset Mortgages are not directly offered, they are instead supplied by First Direct, a member of the HSBC banking family. Instead of HSBC, Offset Mortgages from First Direct have a number of useful benefits that may prove useful for customers in many instances.
Using this type of mortgage, customers can:
- Overpay on their mortgage by as much as they wish (although early repayment charges may apply if the loan is fully repaid early, depending on the interest rate)
- Borrow an amount from between 2-25 years
If you are searching for more suitable offset mortgage deals, feel free to consult our mortgage comparisons table below: