HSBC has announced significant reductions in its mortgage product offerings, effective from Monday the 6th of January.
These changes will apply to a range of residential and buy-to-let (BTL) mortgage products, benefiting existing customers, first-time buyers, home movers, and remortgage customers alike.
For existing residential customers switching their mortgage, reductions will apply to 2-year fixed fee saver products at 60%, 70%, 75%, 80%, 85%, 90%, and 95% loan-to-value (LTV) brackets.
Similarly, the 2- and 3-year fixed standard products at 60%, 70%, 75%, 80%, 85%, and 90% LTV will see lower rates.
Customers opting for 3- and 5-year fixed fee saver products at 80%, 85%, 90%, and 95% LTV or 5-year fixed standard mortgages at 80%, 85%, and 90% LTV will also benefit.
Other reductions include 5-year fixed premier exclusive products at 80%, 85%, and 90% LTV, as well as 10-year fixed fee saver and standard mortgages at 60%, 70%, 75%, and 80% LTV.
Customers borrowing more on existing residential mortgages will see similar reductions across 2-year fixed fee saver products at 60%, 70%, 75%, 80%, 85%, and 90% LTV.
Lower rates will also be offered for 2- and 3-year fixed standard products at the same LTV brackets, along with reductions for 3- and 5-year fixed fee saver mortgages at 80%, 85%, and 90% LTV.
Premier exclusive products and 10-year fixed options are also included in the changes.
First-time buyers and home movers will benefit from reductions in 2- and 5-year fixed fee saver and standard products at 60%, 70%, 75%, 80%, 85%, 90%, and 95% LTV.
For high-value mortgages, rate decreases apply to 60%, 70%, and 75% LTV brackets. Premier exclusive products are similarly reduced at 60%, 70%, 75%, 80%, 85%, and 90% LTV.
Energy-efficient home options – for properties with an Energy Performance Certificate (EPC) rating of A and B – will also see reduced rates across 2- and 5-year fixed fee saver and standard mortgages, covering LTV brackets from 60% to 95%.
Remortgage customers will see reductions in 2- and 5-year fixed fee saver and standard products at 60%, 70%, 75%, 80%, 85%, and 90% LTV.
High-value mortgages at 60%, 70%, and 75% LTV will also benefit from lower rates for both 2-year and 5-year fixed products.
Cashback remortgage options, including energy-efficient home products, are part of the revised rates for the same LTV brackets.
For buy-to-let (BTL) customers, reductions include 5-year fixed fee saver products at 60% LTV for existing customers.
Remortgage options see reductions in 2- and 5-year fixed fee saver and standard products at 60%, 65%, and 75% LTV, along with a 5-year fixed standard product with a £3,999 fee for the same LTV brackets.
International residential products are also subject to reduced rates.
These include 2-, 5-, and 10-year fixed fee saver options at 60%, 70%, and 75% LTV, as well as 2-, 3-, 5-, and 10-year fixed standard products at these LTV levels.
Premier exclusive 5-year fixed products at 60%, 70%, and 75% LTV are also part of the changes.
International BTL customers will benefit from reductions in 2-year fixed fee saver and standard products at 60%, 65%, and 75% LTV, as well as 5-year fixed fee saver products at 65% and 75% LTV.
To secure existing rates, HSBC has urged customers and brokers to submit applications by midnight on Sunday the 5th of January, with supporting documentation provided within 30 calendar days.
HSBC also plans to review its mortgage switcher window, aiming to restore it to 90 days by the end of Q1 2025.
