HSBC will be making reductions in mortgage rates across a wide range of its residential and buy-to-let (BTL) mortgage products.
These changes will come into effect from tomorrow (Tuesday 3rd September), impacting existing residential customers, first-time buyers, home movers, and those looking to remortgage.
For existing residential customers looking to switch or borrow more, HSBC is decreasing rates on several products.
Its 2-year fixed fee saver and 2-year fixed standard products will see reductions across loan-to-value (LTV) ratios of 60%, 70%, 75%, 85%, and 90%.
Its 3-year fixed fee saver at 70% and 75% LTV, and the 5-year fixed fee saver and standard products, will also have lower rates across various LTVs.
Additionally, HSBC’s 5-year fixed premier exclusive and 10-year fixed fee saver and standard products will experience rate cuts.
First-time buyers and home movers will also benefit from rate reductions on HSBC’s 2-year and 5-year fixed fee saver and standard products.
These reductions apply across LTV ratios ranging from 60% to 90%.
HSBC is extending these rate cuts to those purchasing energy-efficient homes – A and B Energy Performance Certificate (EPC) rated properties – with decreases on both 2-year and 5-year fixed fee saver and standard products across the same LTV brackets.
For residential customers seeking to remortgage, HSBC is offering reduced rates on its 2-year and 5-year fixed fee saver and standard products across LTVs from 60% to 90%.
This includes remortgage options for energy-efficient homes and cashback products.
As for the lender’s BTL offering, existing customers looking to switch or borrow more will see rate cuts on the 2-year fixed standard and 5-year fixed fee saver products across LTVs of 60%, 65%, and 75%.
For those purchasing new BTL properties, HSBC is reducing rates on its 2-year and 5-year fixed standard and fee saver products.
BTL remortgage options will also see rate reductions, affecting products such as the 2-year fixed fee saver and various 2-year and 5-year fixed standard offerings.
For international customers, HSBC is decreasing rates on its 2-, 3-, and 5-year fixed fee saver and standard products for residential mortgages at LTVs of 60%, 70%, and 75%.
International BTL products, including the 2-year fixed fee saver and 2-year and 5-year fixed standard options, will also see rate reductions.
In addition to these changes, HSBC has removed its 3-year fixed mortgage offerings for UK residential first-time buyers, home movers, and remortgage customers until further notice.
The bank has also removed cashback on its first-time buyer range at 60%, 70%, and 75% LTV.
A HSBC UK spokesperson said: “We’re frequently reviewing our mortgage rates and aim to remain as competitive in the market as possible.
“We’re really pleased we can offer even more customers rates that have dipped below 4% – some of our lowest rates since the start of the year.
“Our lowest product is still our 60% LTV 5-year residential mortgage, which is offered at 3.84%, but we’re pleased to also now be offering 3.99% on our 70% and 75% LTV 5-year residential mortgage ranges.
“We’ve also made further reductions in the higher LTV ranges offering 4.29% on our 80% LTV 5-year residential mortgage, to further support those customers with smaller deposits and helping to make homeownership more accessible across a broader range of lending tiers.
“Our priority is to empower our customers with the financial tools they need to achieve their dreams. We’re committed to providing competitive rates, ensuring that our customers can secure the homes they want with even greater affordability.”
