HSBC cut rates on its entire range of mortgages to 0.20%, leading to an offer of less than 1%.
The discount applies to over 20 mortgage products on all LTVs, including the bank’s 95% LTV mortgage guarantee program rates.
Following the update, the two-year 60% LTV fix, with a fee of £ 999, now comes with a rate of 0.99%, after being reduced by 0.5%.
The lender also introduced a three-year patch to 1.14% with a charge of £ 999 and 1.34% no charge.
Other changes include:
- 2-year 75% LTV fixed rate (with £ 999 fee) down 0.10% to 1.19%;
- 95% 2-year LTV Fixed Rate Mortgage Guarantee Scheme (No Charge) reduced from 0.20% to 3.79% with fee equivalent of £ 999 reduced from 0.15% to 3.59%; and
- The rates on the 5-year 95% LTV Fixed Rate Mortgage Guarantee Scheme have been reduced by 0.20% with a £ 999 mortgage reduced to 3.79% and the equivalent at no charge to 3.99%.
Michelle Andrews, UK Homebuying Manager at HSBC, said: “The housing market is really changing, with both buying and remortgage activity on the rise. Those currently looking to move up the real estate ladder, and those with a fixed rate contract coming to an end, can take advantage of some of the lowest rates we’ve offered in some time.
“For the first time in almost five years, we have a mortgage below 1.00%, and we are also reintroducing our 3-year fixed rate option, with many lower rates than we offered them last time. times in July 2020. The longest day of the year. is almost upon us, and while people will have more daylight to see their first property, their next property, or their forever home, they will be able to do so with the backdrop of some fantastic mortgage deals, making their purchase or their remortgage much more cheaper. “