HSBC is set to implement rate reductions on a range of its residential and buy-to-let mortgage products from 14th December, targeting existing customers who are either looking to switch or borrow more.
The rate changes include reductions in the 2-year fixed Fee Saver and 2 & 5-year fixed standard mortgages at 60%, 70%, and 75% LTV for residential properties.
Similarly, 3-year fixed Fee Saver mortgages at 60%, 70%, 75%, 80%, 85%, and 90% LTV, and 3-year fixed standard mortgages at 60%, 70%, 75%, and 80% LTV, will see rate decreases.
The 5-year fixed Fee Saver at 60% LTV and 5-year fixed Premier Exclusive at 60%, 70%, and 75% LTV are also included in the rate reductions.
In the buy-to-let category, HSBC is lowering rates on the 2 & 5-year fixed Fee Saver and 2-year fixed standard mortgages at 60%, 65%, and 75% LTV, along with the 5-year fixed standard mortgages at 65% and 75% LTV.
Nick Mendes, mortgage technical manager at John Charcol, commented on the adjustments: “We’ll have one final reprice from HSBC for 2023 for existing residential and buy-to-let customers. It would have been nice to see a final push to dislodge Nationwide’s BS 4.29% market-leading rate, but that will have to wait until 2024.”
