Barclays, HSBC and NatWest have all announced reductions to their mortgage rates, effective from Friday 4 October.
HSBC has lowered pricing by as much as 0.16% on two- and five-year fixes for residential homemovers and first-time buyers, and has made cuts of up to 0.25% on buy-to-let (BTL) mortgage rates.
HSBC’s lowest rate within its residential range is its five-year fix at 60% loan to value (LTV) with a £999 fee, which is now priced at 3.83% for remortgage.
At 70% and 75% LTV, corresponding options have rates of 3.99%.
The two-year fixed remortgage at 60% LTV and with a £999 fee has been cut by 0.05% to 4.14%.
For purchase and homemover customers, HSBC has reduced a five-year fixed rate deal at 85% LTV with a £999 fee by 0.08% to 4.16%. This product has £350 cashback.
Introducing the Green Living Reward
Your clients can now get up to £2,000 cashback for making energy-efficient home
Sponsored by Halifax Intermediaries
Across its first-time buyer range, a five-year fix at 80% LTV and the equivalent deal at 90% LTV have both been lowered by 0.03% to rates of 4.16% and 4.54% respectively. Each product has a £999 fee and £350 cashback.
For existing borrowers switching rates, HSBC has lowered the rates of five-year fixed deals at 60% LTV and 85% LTV by 0.08% to 3.74% and 4.16% respectively. These have a £999 fee.
Across its BTL remortgage range, HSBC has reduced the rate of its five-year fix at 65% LTV by 0.2% to 3.99% and the 75% LTV option by 0.06% to 4.19%. The products come with a £1,999 fee.
HSBC has also introduced a high-value mortgage range with minimum loan sizes of £2m with a £1,999 booking fee. These will be available across its homemover, first-time buyer and remortgage ranges at 60%, 70% and 75% LTV.
A spokesperson for HSBC said: “We’re happy to be able to offer further rate reductions across all our ranges. We’re committed to providing some of the best mortgage options available and help empower customers with the financial tools needed to achieve their homeownership goals.
“That’s why, from today, we’re pleased to be introducing our new high-value mortgage range, catering to customers with higher lending needs. Our aim is to support every customer in finding the right mortgage solution, ensuring they benefit from competitive rates and a personalised service, no matter the size of their loan.”
NatWest lowers mortgage rates and removes select sub-4% options
NatWest has cut mortgage rates on products for residential and BTL borrowers.
This includes its fee-free two-year fixed residential purchase product at 80% LTV, which has dropped by 0.04% to 4.7%, and a high-value deal at the same tier, also fixed for two years, which has been lowered by 0.1% to 4.55%. This product has a £999 fee.
Also at 80% LTV, NatWest has lowered the rate of a two-year fix with a £1,495 fee by 0.1% to 4.4% and the option with a £995 fee by the same amount to 4.45%.
Reductions have also been made to two-year fixed purchase deals at 85% and 90% LTV by as much as 0.1%, as well as its two-year fixed remortgages at 80% and 85% LTV, which have gone down by up to 0.15%.
Additionally, mortgage rate cuts have been made to select five-year fixed purchase and remortgage deals up to 90% LTV.
For first-time buyers, NatWest has cut two- and five-year fixed purchase rates at 85% and 90% LTV by as much as 0.1%.
Elsewhere, BTL, green BTL and green residential mortgage rates have been lowered.
On 4 October, NatWest will withdraw some of its sub-4% mortgage deals including a two-year fixed purchase at 60% LTV, which had a rate of 3.69% and a £3,499 fee, the corresponding remortgage, which was priced at 3.93%, and the equivalent five-year fixed remortgage, priced at 3.9%.
Barclays launches deals and cuts pricing
Lastly, Barclays has announced reductions to its residential purchase and remortgage products.
This includes its two-year fixed purchase deal within its premier range at 60% LTV with an £899 fee, which has gone down from 4.19% to 3.96%. Meanwhile, the equivalent standard product has dropped from 4.22% to 3.99%.
The fee-free option has been lowered from 4.43% to 4.35%.
At 85% LTV, Barclays’ two-year fixed purchase option with an £899 fee has been cut from 4.55% to 4.46%, and at 90% LTV, the fee-free two-year fix will fall from 5.38% to 5.13%.
Changes have also been made to select five-year fixes, green mortgage products, springboard and mortgage guarantee deals.
Its remortgage-only product at 85% LTV has been reduced, with the two-year fix going down from 5.82% to 5.32% and the five-year fix falling from 5.03% to 4.93%. These both have £999 fees.
Barclays has also launched a two-year fix to its premier range at 90% LTV with a £899 fee, priced at 4.85%, and a fee-free five-year fix at 60% LTV with a rate of 3.92%.
The lenders follow the leads of Virgin Money and Santander, with rate cuts going live this week.
