Virgin Money also implements rate cuts
HSBC has announced rate reductions across a wide range of its residential, buy-to-let, and international mortgage products, effective from today, April 28.
The reductions apply to both new and existing customers, including those remortgaging, purchasing property, or increasing their borrowing. Adjustments were made across two-, three- and five-year fixed-rate deals, covering fee-saver, standard, and premier exclusive products at various loan-to-value (LTV) tiers.
Within the residential switcher range, selected fixed-rate deals with up to 95% LTV were lowered. Existing customers borrowing more also received reductions on deals up to 90% LTV, including high-value and premier exclusive offers.
First-time buyers and home movers saw cuts across two- and five-year fixed products, with rates dropping on both fee-free and standard deals. Energy-efficient home options up to 95% LTV were also reduced, alongside standard products at 90% LTV.
Remortgage customers also benefited from rate drops across two- and five-year fixed fee-saver and standard deals up to 90% LTV, including premier exclusive and cashback options. High-value remortgage deals up to 75% LTV and energy-efficient cashback products were also adjusted downward.
On the BTL side, HSBC reduced two- and five-year fixed rates for purchase, remortgage, and additional borrowing customers. Changes affected products up to 80% LTV, including standard, fee-saver, and premier exclusive ranges.
International mortgage rates were also cut. In the residential segment, two-, three-, and five-year fixed fee-saver and standard deals up to 75% LTV decreased, along with two- and five-year fixed premier exclusive offers. In the international BTL range, two-year fee-saver deals and selected two- and five-year standard products were also reduced.
“There are a number of factors taken into account when setting mortgage rates,” said Oli O’Donoghue, director of mortgages at HSBC UK. “Following a review, we are pleased to announce that rates across our residential, buy-to-let and international mortgage ranges for new and existing customers are coming down.”
Meanwhile, another high street lender, Virgin Money, also made new rate reductions across its mortgage range.
Two-year fixed rates at 80% LTV for purchases were cut by up to 0.07%, with rates now starting at 4.29%. Five-year fixed products at the same LTV dropped by up to 0.08%, beginning at 4.25%.
In the remortgage category, two-year fixed rates between 80 to 90% LTV decreased by up to 0.15%, now starting from 4.63%. Five-year fixed remortgage deals were reduced by up to 0.05%, beginning at 4.39%.
Virgin Money’s BTL ‘Fix and Switch’ fixed rates were lowered by 0.10%, starting at 4.80%. Selected two- and five-year BTL fixed rates with either a 1% fee or £995 fee fell by up to 0.10%, with new pricing from 4.20%. Fee-saver BTL deals at 75% LTV also dropped by up to 0.10%, starting from 4.60%.
The lender’s product transfer rates for residential mortgages decreased by up to 0.16%, with two-, three- and five-year fixed deals now starting from 4.01%. BTL product transfers were also revised, with selected two-, three- and five-year fixed options reduced by up to 0.10%.
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