HSBC has announced mortgage rate cuts of up to 0.15% for residential products and 0.17% for buy-to-let (BTL) deals.
Its lowest rate is now 3.82%, which applies to a five-year fix at 60% loan to value (LTV) with a £999 fee. This product is available to first-time buyers, homemovers and existing borrowers.
Its five-year fix at 90% LTV and also with a £999 fee has been cut by 0.12% to 4.57%, while the two-year fix at 85% LTV with a £999 fee has been reduced by 0.13% to 4.63%.
For residential remortgage, HSBC’s five-year fix at 60% LTV with a £999 fee has fallen by 0.09% to 3.9%, while at 70% and 75% LTV, the corresponding options have been cut by 0.15% to 4.03%.
At 60% LTV, the lender’s two-year fix with a £999 fee has gone down by 0.15% to 4.19%.
Rates across switching deals for existing customers have also been reduced.
For BTL purchase, HSBC’s two-year fix at 65% and 75% LTV with a £1,999 fee has been lowered by 0.06% to 4.48%, while a five-year fix at 60% LTV, also with a £1,999 fee, has been cut by 0.04% to 4.15%.
The lender has also reduced BTL remortgage rates by as much as 0.17%.
Oli O’Donoghue, head of mortgages at HSBC UK, said: “We want to empower our customers with the financial tools they need to achieve their homeownership goals. We’re frequently reviewing our mortgage rates and aim to ensure we offer competitive value to our customers. We’re really pleased to be cutting rates again from today, across a broad range of LTVs, from 60% all the way up to 95%, to ensure we’re servicing the needs of customers with varied lending requirements.
“It’s also great to be in a position to offer better value in the remortgage space, which is where we’ve applied our most significant rate cuts. This will help support mortgage holders who are coming to the end of their fixed rate and are looking on the market for competitive options.”
TSB cuts mortgage rates
TSB has also made rate cuts to its residential, product transfer and additional borrowing mortgage ranges.
Effective from 13 September, its two-year fixed rates for first-time buyers and homemovers up to 80% LTV have been cut by up to 0.25%, while five-year fixes up to 85% LTV have been lowered by up to 0.35%.
TSB’s two- and five-year fixed remortgages up to 80% LTV have been cut by as much as 0.15%.
The lender has also reduced two-, three- and five-year fixes up to 80% LTV by up to 0.2% across both its product transfer and additional borrowing options.
These changes follow product tweaks made by TSB earlier this week, where it launched two- and three-year fixes and reduced rates.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
