HSBC has unveiled two new mortgages aimed at customers looking to purchase a property below the new stamp duty limit.

Stamp duty was reduced to zero on property purchases of up to £250,000 for first time buyers in yesterday’s Budget.

From Monday 29 March, the rate on HSBC’s fee free lifetime tracker mortgage with maximum LTVs of up to 90% will reduce by 0.5% from 4.99 to 4.49%. In addition, a new two-year fixed rate mortgage at 2.99%, with a maximum loan size of £250,000, fee of £999, and LTVs of up to 70%, goes on sale.

According to the Council of Mortgage Lenders, with the stamp duty threshold increasing to £250,000, approximately 350,000 households buying properties between £125,000 and £250,000 will benefit over the rest of 2010.

Andy Mielczarek, head of retail products at HSBC, said: “[The] move by the Chancellor to help first time buyers by removing stamp duty for all homes of up to £250