HSBC has announced a reduction in rates across its residential and buy-to-let mortgage range, effective from Monday, September 18, 2023. The bank will also introduce a £350 cashback incentive for its three-year fixed standard and fixed fee saver products within its UK residential, first-time buyer, and home mover ranges.
For existing residential customers, HSBC is lowering rates on its two-year fixed fee saver range at 70% and 75% loan-to-value (LTV), as well as its five-year fixed fee saver, standard and premier exclusive ranges between 60% and 85% LTV. The bank is also reducing rates for first-time buyers, home movers, and remortgagers across its two, three, and five-year products between 60% and 90% LTV.
The rate cuts extend to HSBC's international residential range as well. Two-, three-, and five-year fixes between 60% LTV and 75% LTV will all see reductions. Selected two-year and five-year fixed rates across its existing buy-to-let customer, purchase, and remortgage range will also be lowered.
For the bank's residential first-time buyer and home mover products, reductions will apply for products up to 95% LTV. Similarly, residential remortgage and residential remortgage cashback deals up to 90% LTV will experience rate cuts. International residential products up to 75% LTV will also see a decrease in rates.
On the buy-to-let side of the business, existing customer switching and borrowing more deals, along with buy-to-let purchase and remortgage products up to 75% LTV will be reduced.
To secure current product codes before these changes take effect, applications should be submitted by midnight on Sunday, September 17, 2023.
In related news, Newcastle Building Society has introduced a range of 10-year fixed rates in response to increased consumer demand for longer-term options. The range includes products up to 80%, 90%, and 95% LTV. The society's head of intermediaries, Franco Di Pietro, said the new range offers additional options and flexibility to brokers and their clients, providing greater choice and increased payment certainty.
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