HSBC UK has announced that it is making further reductions to the rates of interest that borrowers will have to pay across a wide selection of its mortgage product slate.
The lender is making cuts of up to 0.30% in the rates of interest across over 40 of its existing products, with these reductions applying to all of its loan-to-values (LTVs) and fixed-rate terms. This latest round of rate cuts will mean that the average rate of interest on an HSBC UK mortgage product will be 0.94%, which is the lowest the company has ever offered.
Among the products on its slate that have had their interest rates slashed is the two-year fixed-rate 60% LTV loan with £999 fee, which now comes with an interest rate of 0.94%, which is 0.05% lower than before. The equivalent loan without the fee has also had its interest rate cut by 0.10%, meaning it now stands at 1.14%.
Elsewhere, HSBC’s two-year fixed-rate loan with 90% LTV and fee of £999 now comes with a 0.30% reduced interest rate of 2.49%.
Michelle Andrews from HSBC told Mortgage Introducer that the interest rate cuts were designed to benefit all types of borrowers, from first-time buyers trying to get onto the property ladder to those aiming to upgrade to a new property and those seeking a new fixed-rate mortgage loan as their existing one ends.
When they have secured their CeMAP qualification, mortgage advisors will want to take advantage of the current rate cuts to find affordable loans for their different clients.