HSBC has launched its first ever sub 4% interest rate for a 90% LTV mortgage.

The new product is a 3.84% two-year discount deal with no fee.

Peter Dockar, head of mortgages at HSBC, said: “We are committed to supporting first time buyers and last month we pledged to make a further £350 million available to borrowers with equity or a deposit of 10-15% by the end of the year.