HSBC UK is cutting rates on hundreds of residential mortgages across all LTVs and different buyer types.
There are a broad range of rate cuts made across HSBC's entire residential mortgage range with reductions of up to 0.20% on two-year fixed rate mortgages and 0.17% on five-year fixed rates.
Highlights include a 90% LTV two-year fixed rate, down by 14bps to 4.85% with a £999 fee, with the fee-free equivalent reduced by 0.20% to 5.12%. Both deals come with £250 cashback as standard.
The two-year fixed rate range for Premier customers who are looking to remortgage now begins from 4.11% at 60% LTV with a £999 fee.
HSBC UK is also making improvements to its buy-to-let mortgage range, available through brokers, by increasing the maximum LTV to 80% for loans of up to £400,000, with the new range including rates from 5.00% for a five-year fixed rate with a £1,999 fee.
These moves follow recent changes by the bank to its policy for foreign nationals applying for mortgages, bringing lending rules for these customers into line with UK residents for those who have indefinite leave to remain, plus a reduction in its Standard Variable Rate by 0.25% to 6.74%.
Oli O’Donoghue, HSBC UK’s Head of Mortgages, said: “We are continually evolving to help people with their homebuying aspirations, whether that is someone buying their first home to help provide financial security for their family, someone coming to the UK from abroad and putting down roots or someone looking to take on a Buy To Let property to supplement their income. There is still strong demand in the Buy To Let market, and by increasing the maximum LTV on our range up to 80%LTV we are making purchasing a Buy To Let property more accessible to people and providing greater flexibility, enabling a reduced deposit and increasing the borrowing power of the applicant.”
