HSBC will lower a range of its existing residential customer switching, borrowing more, residential first-time buyer and homemover, remortgage and international rates.
The changes will come into force from 5 July, with further details of the rate changes available on HSBC’s intermediary page.
The lender has also brought out a cashback incentive offering for its residential first-time buyer products at 60%, 70% and 75% loan to value (LTV) and upped its cashback incentive offering for its residential first-time buyer energy-efficiency homes range at the same LTV tiers.
In its existing residential customer switching fee-saver products, two- and five-year fixed rates between 60% and 90% LTV will be cut, while three-year fixed rates will go down from 70% and 90% LTV.
Two-, three- and five-year fixed rate standard products up to 90% LTV and five-year fixed premier exclusive products will fall.
In its existing residential customer borrower more range, fee-saver deals on two-, three- and five-year terms up to 90% LTV will fall, along with standard products and its five-year fixed premier exclusive deal.
Within its residential first-time buyer and homemover range, two-, three- and five-year fixed fee-saver products up to 95% will be cut, and standard products on the same terms will be reduced up to 90% LTV along with its five-year premier exclusive products.
Two-, three- and five-year fixed fee-saver deals in its energy-efficient range for first-time buyers and homemovers up to 95% LTV will be lowered, and for standard products this applies up to 95% LTV.
On the remortgage side, two-year fixed rate fee-saver deals between 70% and 90% LTV will fall, while three- and five-year fixed rate changes will be made between 60% and 90% LTV.
Two-, three- and five-year fixed rate standard products up to 90% LTV will also be lowered, and its five-year fixed premier exclusive deal will also fall.
In its remortgage cashback range, cuts have been made to its two-year fixed fee-saver deal between 70% and 90% LTV, while two- and five-year fixed rate standard and five-year fixed rate fee-saver products up to 90% LTV will decrease.
Similar changes have been made to its residential remortgage energy-efficient home and remortgage energy-efficiency cashback ranges.
In its international residential range, two-year fixed fee-saver deals at 70% and 75% LTV are going down, and three- and five-year fixed fee-saver products from 60% to 75% LTV will be cut. The latter also applied to two-, three- and five-year fixed rate standard products and five-year fixed premier exclusive deals.
HSBC last lowered rates across its range at the end of June.
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Highlights of the range include a five-year fixed remortgage rate at 80% loan to value (LTV) decreasing from 4.99% to 4.84%. It has a £1,495 fee, free valuation and free remortgage legal work.
Other examples include its five-year fixed remortgage rate at 75% LTV falling from 4.89% to 4.69%. It is subject to a £295 fee, £250 cashback, free valuations and free remortgage legal work.
The lender’s two-year fixed purchase rate at 75% LTV has gone down from 4.99% to 4.89%. It comes with a £1,495 fee and free valuation.
Ben Merritt, director of mortgages, said: “We’re always looking for opportunities to pass on added value to our borrowers and are delighted that market conditions have allowed us to reduce the rates on a number of products across our range.
“We will continue monitoring developments closely over the coming weeks, in order to ensure our mortgages remain as competitive as possible.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
