Both mortgages make the best-buy tables.
Charlotte Nelson, of comparison company Moneyfacts, said that the Coventry's offer will be the lowest in the market, but will be of limited use to many borrowers because of the large deposit required.
"In terms of true cost I think the Coventry one would be better, but at 70pc loan to value the HSBC product is a great offer.
"Borrowers need to bear in mind that there may well be a hefty redemption penalty.
"Fixing for ten years is good for those looking for peace of mind - but it is a gamble because we don't know whether rates will go down even further," she said.
HSBC borrowers will be allowed to overpay by up to 10pc of the mortgage balance each year.
The Coventry mortgage has early redemption penalties, but they are relatively reasonable. Borrowers will be charged 5pc of the mortgage balance in the first two years, 3pc in the following three years and just 1pc in the final five years.
The number of ten-year fixes on the market has increased dramatically. In July 2014 there were just 14 available, compared to 130 today.