HSBC cuts rates on full range of mortgages

HSBC UK is reducing rates on all LTVs in its range of mortgages, up to 0.30%.

The lender made the move because it recorded its busiest month in terms of mortgage lending in March and onboarded more than 100 brokerage firms in the past eight weeks, for a total of 400 partner brokerage firms.

Highlights of the rate cuts include the two-year fixed 95% LTV product being reduced from 0.25% to 3.74%, with the Feesaver equivalent falling from 0.30% to 3.99% in the under the mortgage guarantee program.

The 90% two-year LTV package with fees of £ 999 will now be priced at 2.99%, down 0.10%, while 80% LTV fixed rate products are down 0, 10% for all 2 and 5 year fixed rates.

Other reductions include the 75% five-year LTV fixed rate (£ 999 fee) at 1.54% and the 60% five-year LTV fixed rate (£ 999 fee) reduced to 1.24%, with the Feesaver equivalent at 1.54%.

Michelle Andrews, UK Homebuying Manager at HSBC, said: “The government’s stamp duty relief program has given a welcome boost to the mortgage and property markets and the resilience of home buyers really shone. It has been fabulous to see all the parties come together again to do great things.

“We took out more mortgages in March than any month in the 40+ years we have offered home loans, including those for over 3,000 first-time buyers, increased by a third on number of brokers who have access to our award winning mortgage, adding over 100 brokerage firms to our panel and introducing 95% LTV mortgages. It has been an incredibly busy time for us, but while we have seen all of this with lockdowns still in place, I am extremely proud of my teams who provide customer-focused service on a daily basis. “

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