What is given with one hand is taken away with the other, or so it seems with HSBC.

While HSBC’s Rate Matcher mortgage offer starts today, it is withdrawing its market leading 4.99 per cent two year fixed rate deal, according to Motley Fool.

The 4.99 per cent deal was available to homeowners with only 10 per cent equity, whereas the Rate Matcher deal applies to homeowners with existing fixed rate mortgages, with at least 20 per cent equity in their property.

So despite the attractions of the Rate Matcher deal for those wishing to reset at their existing rate, it will leave those with less than 20 per cent equity in their home and first time buyers high and dry.

In addition, HSBC’s Rate Matcher deal with give its existing customers priority until 21 April, so non customers could miss out altogether, if HSBC decides to pull the offer before then.

So what should remortgagers do as the mortgage market ominously continues to contract?

Despite last week’s cut in base rate, a number of lenders have increased their discount and tracker rates, as well as arrangement fees, making remortgaging with a new lender, in some instances,  than sticking with your existing lender’s SVR.

But you need to do your sums carefully as SVRs vary considerably between lenders. Nationwide’s SVR stands at 6.45 per cent, while Standard Life Bank’s SVR on 90 per cent loan-to-value mortgages is a whopping 7.31 per cent.

Some of the best two year fixed rate deals are now offered by building societies which are less reliant on the wholesale market to raise funds.  Newcastle’s two year fix stands at 5.15 per cent and West Bromwich’s 5.19 per cent. But you need to move at the speed of light to secure any half decent deal at them moment, as lenders continue to withdraw deals at just a few hours’ notice.