HSBC cuts mortgage rates
HSBC has announced mortgage rate reductions, live from 11 August.
The lender did not share details of the rate cuts but revealed they would be applied across residential, buy-to-let (BTL) and international borrower mortgages.
Reductions will be made to the bank’s mortgages for first-time buyers, up to 95% loan-to-value (LTV), homemovers and remortgages, including deals for energy-efficient properties.
Its BTL remortgage borrowers will see lower mortgage pricing, as will its international residential and BTL borrowers accessing loans up to 75% LTV.
HSBC is the most recent lender to change its rates, with reductions coming from Santander, Coventry Building Society, Nationwide and Rely in the last week. NatWest and Halifax also updated their mortgage pricing, with a mix of rate increases and reductions.
Insight published by Moneyfacts today showed that the recent wave of mortgage rate changes had wiped out the reductions seen across the market over the last two years.
Currently, the average two-year fixed rate is 5.63%, while the typical five-year fix is 5.66%.
