HSBC will be making reductions across its range of residential and buy-to-let (BTL) mortgage products, effective from tomorrow (Wednesday 21st August).
For existing residential customers switching mortgages, HSBC will reduce rates on the 2-year fixed fee saver across loan-to-value (LTV) ratios of 60%, 70%, 75%, 80%, 85%, and 95%.
Similarly, reductions will be applied to the 2-, 3-, and 5-Year fixed standard products at LTVs ranging from 60% to 90%.
The 3- and 5-year fixed fee saver products will also see rate decreases across LTVs up to 95%, alongside reductions in the 5-year fixed premier exclusive product at LTVs up to 90%.
Customers looking to borrow more on their existing residential mortgages will benefit from reductions in the 2-year fixed fee saver at LTVs from 60% to 85%.
The 2-, 3-, and 5-year fixed standard products will also have reduced rates at LTVs from 60% to 90%, along with reductions in the 3- and 5-year fixed fee saver and 5-year fixed premier exclusive products.
For residential first-time buyers and home movers, HSBC will decrease rates on the 2-year fixed fee saver, applicable at LTVs from 60% to 95%.
The bank will also reduce rates on the 2-, 3-, and 5-year fixed standard products at LTVs up to 90%, and on the 3- and 5-year fixed fee saver and 5-year fixed premier exclusive products.
In its residential remortgage range, HSBC will lower rates on the 2-, 3-, and 5-year fixed fee saver at LTVs from 60% to 90%.
The same reductions will apply to the 2-, 3-, and 5-year fixed standard and 5-year fixed premier exclusive products.
Additionally, residential remortgage cashback options will see rate decreases in the 2- and 5-year fixed fee saver and 2- and 5-year fixed standard products, applicable to LTVs ranging from 60% to 90%.
For BTL customers, HSBC will reduce rates on the 2- and 5-year fixed fee saver and 2- and 5-year fixed standard products at LTVs of 60%, 65%, and 75%, covering existing customers looking to switch or borrow more.
These reductions will also apply to BTL purchase and remortgage products, including the 2- and 5-year fixed fee saver, and 2- and 5-year fixed standard products, with £1999 and £3999 fee options.
International residential mortgage rates will decrease for the 2-, 3-, and 5-year fixed fee saver and 2-, 3-, and 5-year fixed standard products at LTVs of 60%, 70%, and 75%.
The 5-year fixed premier exclusive will also see a reduction.
Similarly, international BTL customers will experience rate decreases in the 2- and 5-year fixed fee saver and 2- and 5-year fixed standard products at LTVs of 60%, 65%, and 75%.
HSBC confirmed that no other interest rates will change at this time.
The fixed-rate end dates for these products will also be extended.
The 2-year fixed will extend to 31st December 2026, the 3-year fixed to 31st December 2027, the 5-year fixed to 31st December 2029, and the 10-year fixed to 31st December 2034.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “HSBC’s recent repricing move comes as no surprise, following similar actions from other major high street lenders.
“Given the competitive nature of the mortgage market, it was only a matter of time before HSBC adjusted its rates in response to the broader market trends.
“This move is strategically aligned with the bank’s efforts to remain competitive and potentially position itself as a new best buy.”
