HSBC has launched its lowest ever 90% LTV mortgage rate.  

Borrowers with a 10% deposit will receive a rate of 1.99% – a 1.95% discount compared to HSBC’s Standard Variable Rate (SVR).

The two-year discount product has a £1,499 booking fee and will available until 19th April 2015.

Peter Dockar, head of mortgages at HSBC, said: “We want to help borrowers make their monthly commitment as affordable as possible. By introducing the lowest ever 90% LTV rate to the market we are giving first-time buyers unprecedented access to historically low mortgage rates.

“We’re committed to offering attractive and competitive rates to benefit our customers and our new record-low rate does just that.”

For borrowers with a larger deposit or equity HSBC will also offer a wider range of rates including:

85% LTV two-year fixed – 2.49% with £999 fee
85% LTV five-year fixed – 3.59% with £999 fee
75% LTV two-year fixed – 1.89% with £999 fee
75% LTV five-year fixed – 2.89% with £999 fee
60% LTV two-year discount – 0.99% with £1,499 fee.