With effect from tomorrow, Tuesday 6th February, HSBC will be making a number of changes to its residential and buy-to-let (BTL) mortgage product ranges.
For existing residential customer switching or borrowing more, the lenders’ 2-year fixed fee saver at 60% loan-to-value (LTV) has increased, along with its 5-year fixed standard at 60% LTV, 10-year fixed fee saver at 60%, 70%, 75% and 80% LTV, and its 5-year fixed premier exclusive at 60% LTV.
At the same time, existing borrowers will also benefit from decreases across HSBC’s 2-year fixed fee saver at 70%, 75%, 80% and 85% LTV, 2- and 5-year fixed standard at 70% and 75% LTV, its 3-year fixed fee saver at 70%, 75%, 80%, 85% and 90% LTV and its 5-year fixed fee saver at 70%, 75% and 80% LTV.
The lender has also introduced increases across selected products in its residential remortgage and residential remortgage cashback ranges, whilst introducing further decreases across its residential first-time buyer, international residential, existing buy-to-let customer switching or borrowing more, buy-to-let purchase and buy-to-let remortgage ranges.
Nicholas Mendes, head of marketing at John Charcol, said: “HSBC’s latest reprice highlights the recent market swaps movement.
“Lower LTV products which have led the best buys will see an uptick in pricing as a result, with higher LTV products benefiting from any decreases.
“2- and 5-year gilt yields had increased by 20 basis points on Friday following the much stronger than expected US jobs figures.
“The US economy added 353,000 jobs in January, and the unemployment rate clocked in at 3.7%, according to new data released Friday by the Labour Department.
“The January jobs report far exceeded the gain of 185,000 jobs and a 3.8% unemployment rate expected by economists polled by The Wall Street Journal.
“This may result in delay to any Fed rate cuts, but could also mean we are unlikely to see a bank rate decrease to at least June or August.”
