HSBC is set to revise its mortgage offerings, starting Wednesday, 8th November, with a series of reductions across its residential and buy-to-let (BTL) product ranges.
The bank has reintroduced a 3-year fixed fee saver product for first-time buyer and home mover customers at a 95% loan-to-value (LTV) ratio, which comes with a £350 cashback incentive.
For existing residential customers looking to switch or borrow more, HSBC is decreasing rates on 2- & 5-year fixed standard mortgages at 60%, 70%, and 75% LTV, as well as on 3-year fixed fee saver and standard products across a broader LTV range, including 80%, 85%, and 90%.
The 5-year fixed fee saver at 60% LTV and 5-year fixed Premier Exclusive rates at 60%, 70%, and 75% LTV will also see rate reductions.
First-time buyers and those moving homes will benefit from reduced rates on 2-year fixed fee saver products at 60%, 70%, and 75% LTV, in addition to decreases in 2- & 5-year fixed standard rates and 5-year Premier Exclusive rates at similar LTVs.
The bank is also adjusting rates for international residential customers, with a decrease on 2-year Fixed Fee Saver and Standard products at 60%, 70%, and 75% LTV.
In the BTL sector, existing customers looking to switch or borrow more will find lowered rates on 2- & 5-year fixed fee saver and standard mortgages at 60%, 65%, and 75% LTV. For BTL purchases, reductions will apply to 2-year fixed fee saver and standard products, as well as to the 5-year fixed fee saver at 75% LTV. BTL remortgage products are also set for a rate decrease.
No changes have been announced for other interest rates at this time.
Nick Mendes, mortgage technical manager at John Charcol, said: “Following recent repricing from Virgin and Halifax, HSBC has acted quickly with a further reprice across their residential and BTL range. The latest which will see them secure their position amongst the best buys undoubtedly.
“It will be interesting to see whether we see the same repricing continue into the winter months when traditionally lenders would slow down on changes to avoid impact on service levels heading into the new year.”
