New Mortage Deal To Kick Start Sales

More property market news from Dibben and Dibben as the HSBC bank is trying to gain an even larger share of the mortgage market by launching a new deal at just 1.99% for borrowers with a 40% deposit. The low rate lasts for two years and is set at a 1.95% discount to the bank's standard variable rate of 3.94%.

Its deal is a sign of the continued easing of the mortgage market which currently has 1,676 deals available, more than at any time this year.

The deposit required to buy a home has increased sharply over the past year as lenders have rationed their funds. The financial information service Moneyfacts says 27% of new mortgage deals require a deposit of 40%. A year ago that figure was just 7%.

"There has been a slight increase in the 10% deposit tier, which is encouraging news for first-time buyers who seem to be propping up the mortgage market at the moment," said Darren Cook of Moneyfacts.

Both property sales and prices have picked up this year, after the credit crunch and the recession caused an unprecedentedly sharp slump from the autumn of 2007 to the end of 2008.

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