Effective from tomorrow (Tuesday 5th November), HSBC is set to adjust interest rates across its residential mortgage product range.
These rate changes will impact various mortgage categories, including existing customer switches, additional borrowing, first-time buyer packages, and options for energy-efficient homes.
For existing residential customers switching mortgages, the lender’s 2-year fixed Fee Saver at 60% loan-to-value (LTV) will see a rate decrease, while the same product at higher LTVs of 70%, 75%, 80%, 85%, and 95% will experience an increase.
The 2-year fixed Standard option at 60% LTV is also set to increase, as are rates at higher LTVs across both 2-year and 5-year terms.
Similarly, the 5-year fixed Standard and Premier Exclusive products are set to increase for most LTV tiers.
For customers looking to borrow additional funds, the 2-year fixed Fee Saver at 60% LTV will decrease, but rates for 70% to 85% LTV will rise.
The 5-year fixed Fee Saver and Standard options will see increases across multiple LTV bands, while first-time buyers and home movers will also see a mix of rate changes depending on the LTV tier.
The 2-year fixed Fee Saver for those at 60%, 70%, and 75% LTV will have lower rates, but rates will increase at LTVs of 80%, 85%, and 95%.
This also includes rate changes for high-value mortgages, with decreases in 2-year fixed Standard and high-value options at lower LTVs, while the majority of 5-year products are scheduled for rate increases.
For first-time buyers with energy-efficient homes, there will be rate decreases in the lower LTV bands for shorter-term products but increases for most of the 5-year products.
Residential remortgage options are also affected, particularly for customers seeking cashback or energy-efficient mortgage plans.
The 2-year fixed Fee Saver and 2-Year fixed Standard at LTVs between 60% and 85% are increasing, along with 5-year fixed options across various categories.
International customers with residential mortgages will also see rate increases on both 2-year and 5-year fixed products, including Premier Exclusive options at LTVs between 60% and 75%.
HSBC has clarified that these changes do not impact any other mortgage interest rates beyond those specified.
To secure current mortgage product codes before the new rates take effect, the lender has advised customers to submit complete applications by midnight tonight, Monday, 4 November.
Additionally, HSBC has confirmed that its product finder tool and sourcing systems will be updated tomorrow, Tuesday 5 November, to reflect the new rates and any associated changes.
