Ratewatch Special: best mortgages and savings accounts

The best deals on long-term fixed and tracker mortgages and the leading rates on savings and instant access accounts.

Mortgages

With the future so uncertain it is the longer-term deals that look more attractive, particularly trackers – provided there are no penalties for early repayment so you can switch to a fixed rate once interest rates look like moving up.

Borrowers who are a good credit risk and are looking to move house or remortgage, have never had it so good. This week saw HSBC introduce its lowest ever chart-topping five-year fixed rate mortgage, which can offer peace of mind to those who are confused by the conflicting interest rate predictions from the experts.

One thing we do know, interest rates are not going down and HSBC’s five-year fix is at a market leading 3.95% and is a bargain. Five-year fixed rates have seldom been below 5% and this is a once in a lifetime opportunity for those who want certainty about future repayments. The new mortgage deal is available to those wanting to borrow up to 60% of the value of their property and has a booking fee of £599. There is also a seven-year fix at 4.89% with a £599 fee and loans up to 70% are on offer.

The new product range also includes a market leading tracker mortgage at 1.69% above Bank of England base rate, giving a current pay rate of 2.19% with a booking fee of only £99. The new tracker is available until 15 August only and has a maximum 60% loan to value and is likely to sell out fast. HSBC says payment of the booking fee will secure the rate. There is also a fee-free tracker at up to 70% loan to value at 2.79% - still a very good rate while it lasts.