Effective from Thursday (6th February), HSBC UK will raise rates across a wide range of products, dropping rates on others, in its residential and buy-to-let (BTL) mortgage ranges.
For existing customers switching products or borrowing more, the lender will raise rates on 2-year and 5-year products from 60% loan-to-value (LTV) up to 95%, while dropping rates on two tranches of products at 90% LTV.
For first-time buyers and home movers, rates will decrease across Fixed Fee Saver, Fixed Standard, and Fixed Premier Exclusive products with 2-year and 5-year terms, from 80% to 95% LTV.
These residential rate drops also include products pitched at energy efficient homes.
HSBC UK will drop rates on its residential remortgage 2-year and 5-year rates up to 90% LTV, as well as for energy efficient properties and residential remortgage cashback products.
For BTL, rate drops will affect 2-year and 5-year products up to 75% LTV for both the switching and remortgage ranges, with one existing customer product at 65% LTV seeing an increase.
3-year rates for international residential mortgages will increase, while 2-year rates up to 60% LTV will drop.
HSBC urged brokers to submit applications by midnight on 5th February to avoid being affected by the changes.
