Mortgage rate cuts announced by HSBC

February 6, 2020 by Brendan O'Neill

Lenders

HSBC UK has announced a number of changes to the mortgages that it has on offer, which will see the rates reduced on its range of fixed deals running for five, three and two years.

Under the new terms offered by HSBC UK, its five-year fixed rate mortgage deal for those with 95% loan-to-value will have its rate reduced to 3.19%. The rates for the five-year fixed mortgage for people with 90% loan-to-value are also being cut back, and will now be 2.34%. In addition to this, both of these mortgage deals will no longer carry fees.

Other five-year fixed deals are also having their rates slashed, with the rate for those who have 80% loan-to-value now being 1.74%, while for those in the 75% loan-to-value bracket; the new rate is 1.84%. The latter deal now also comes with no fees attached, but the former still carries a fee of £999.

In total, 34 of the mortgage deals that HSBC UK offers for borrowers with 95% or lower loan-to-value are having their rates cut by up to 0.15%. Speaking to Mortgage Introducer, Michelle Andrews from the building society stated that:

“These reduced rates along with our ‘feeling of home’ January campaign aim to give our new and existing customers the perfect start to the New Year.”

This reduction in the mortgage rates offered by HSBC UK should make buying a home or remortgaging it easier for borrowers, and will likely mean more people seeking help from an advisor who has the necessary CeMAP qualification.