HSBC has announced reductions across its range of residential mortgage products, effective from Friday, 5th July.
The changes include a new cashback incentive for first-time buyers and increased cashback for energy-efficient homes.
HSBC is introducing a cashback incentive for UK residential first-time buyers at 60%, 70%, and 75% loan-to-value (LTV).
The cashback incentive for energy-efficient homes with an A or B EPC rating at these LTVs has also been increased.
A HSBC UK spokesperson said: “We’re here to support our customers and we remain committed to offering the best possible rates.
“That’s why we’re pleased to announce cuts to mortgage rates across several hundred products in our residential mortgage ranges including first-time buyers, home movers, and people looking to re-mortgage.
“We are also extending our cashback incentive for first-time buyers which will be applicable for 60 to 95% LTV.”
Nicholas Mendes, mortgage technical manager at John Charcol, said: “HSBC is actively working to strengthen its position in the market.
“Following their recent rate adjustment last week, other lenders have also adjusted their rates to stay competitive.
“HSBC’s quick reaction has created excitement among mortgage holders and prospective buyers who had been hesitant to commit in recent weeks.
“It’s encouraging to see that these latest rate changes apply across the board and are not limited to low LTV or purchase-only products.”
