Low rates for the rich: UK

Borrowers in Great Britain will be able to lock in a home loan rate of just 2.99% next month following the launch of HSBC’s cheapest ever home loan – but only if they are wealthy enough.

Europe’s largest bank HSBC unveiled the two year, 2.99% home loan on Wednesday, but qualifications for the loan are tough.

To qualify, borrowers will need to have savings of £50,000 (A$110,000) with HSBC, or be looking to borrow at least £250,000 pounds (A$550,000) and have a salary of £75,000 ($165,000) or more.