Announced today, these changes will come into effect as of Wednesday 1st November.
The changes include decreased rates across a number of fixed fee saver products up to 90% for existing and new customers. There are also rate reductions for existing buy-to-let borrowers, those looking to borrow more, and those looking for BTL remortgage.
Its reintroduced '2 Year Fixed Fee Saver' product is available for residential first-time buyers and home movers up to 95%, and have a cashback incentive of £250.
Darryl Dhoffer of The Mortgage Expert, speaking via Newspage, said of the changes:
"These cuts and changes show that HSBC is committed to supporting borrowers and helping them to find the right mortgage product for their needs. The 95% loan-to-value mortgage for first-time buyers and home movers is a good move, as it will make it easier for borrowers to buy a home with a smaller deposit, while the £250 cashback incentive is a nice bonus for borrowers. The reductions in buy-to-let mortgage rates are also positive news for landlords. However, these changes, along with those of other leading banks and building societies, could be too little too late to save the mortgage and property market in 2023."
