The country's cheapest-ever mortgage rate has launched - but to get it you'll need a massive deposit and pay a fee upfront.
HSBC has launched a 0.94% fixed-rate mortgage that lasts for two years, is the lowest ever in the UK.
But it comes with a £999 fee, adding to the overall cost of the mortgage.
You will also need a 40% deposit to get it, meaning it is for out of reach for almost all first-time buyers.
HSBC came up with the super-cheap rate by cutting interest on an existing deal from 0.99% to 0.94%.
But mortgage experts said the deal is great - for the right buyer.
Mortgage broker Martin Stewart, of London Money, said: "It is a great rate - if you have a secure job with a good credit profile and a lot of equity in your home.
"It's a very competitive rate. It's getting to the point where it's rude not to borrow some of this money."
Housebuyers should look beyond the rate and factor in the fee as well - as the deal won't be right for everyone.
Paying a £999 fee up front for a two-year deal can add a lot to your overall mortgage costs, especially if you are buying a cheaper property.
Ashley Thomas, of mortgage broker Magni Finance, said: "For those borrowing less than £500,000, when factoring in the £999 arrangement fee, this product is more expensive than HSBC's 1.14% product with no fee."
Two years is also a very short time to have a mortgage.
Homeowners will need to hope interest rates stay low when they come to remortgage. If not, they would likely be better off taking a longer-term deal now.
The 0.94% HSBC deal is - just about - the cheapest mortgage the country has ever seen.
The previous lowest rate was 0.95%, from Platform, which is part of the Co-op Group.
Buyers also needed either a 40% deposit or 40% equity in their house to get the deal, which launched last month.
HSBC UK head of buying a home, Michelle Andrews, said: "This change includes our lowest-ever mortgage rate of 0.94%, plus other rates that are hitting new lows, making it much cheaper for homebuyers as well as those looking to remortgage, regardless of the size of their deposit or the equity they hold.”
The property market has weathered a wild few months thanks to the coronavirus pandemic and stamp duty holiday.
House prices rose £2,509 last month, pushing the average cost of a home to a new record high of £336,073.
But there are early signs the market is starting to slow down , according to experts.
Rightmove, which compiles a monthly house price index, said the June rise of 0.8% was significantly smaller than the 1.8% increase in May.
The jump was even bigger in April, when a 2.1% rise was recorded.
Experts say record low interest rates - some that are now below 1% - and the stamp duty holiday are behind rocketing house prices.
