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Europe largest bank cuts mortgage rates

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Europe largest bank cuts mortgage rates

HSBC, the British bank, which is the largest one in Europe, announced reduction of interest rates by 0,25% for its tracker mortgage borrowers, following the similar cut of the Bank of England base rate, Interfax reports on Friday.

According to HSBC statement, the bank will also reduce its standard mortgage rate, which is one of the lowest in the country, from 3,94% to 3,69%, from the 1st of September.

Earlier, the banks of Santander UK and Barclays also announced reduction of standard mortgage rates.

We should remind you that following the meeting in August, the Bank of England cut a base rate by 0,25 points, down to historical low of 0,25%.

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