HSBC has launched its lowest ever five-year fixed rate mortgage.

It is priced at 2.99% at 60% LTV, fixed for five years.

The bank is also offering its lowest ever seven-year fixed rate mortgage at 3.99%.

Both products have a £1,499 booking fee.

“Every borrower has different needs from their mortgage,” said Peter Dockar, head of mortgages at HSBC.

“We recognise that many are looking for certainty with their mortgage payments over the longer term and have launched these products to meet that demand.

“This is the lowest ever five-year fixed rate to come to the market and with the security of our retail deposit funding we are committed to offering competitive rates to benefit our customers with what is for many, their largest monthly commitment.”

HSBC is also launching a range of tracker and discount rates including:

• 60% LTV 2.49% two-year discount (1.45% discount off HSBC SVR) – £499 fee
• 60% LTV 2.99% fee-free lifetime tracker (2.49% above BoE BR)
• 90% LTV 3.84% fee-free two-year discount (0.10% discount off HSBC SVR)
• 90% LTV 4.79% lifetime tracker (4.29% above BoE BR) – £999 fee