Finance News

HSBC announce mortgage rate cuts

Em Morley - September 30, 2015

HSBC has made the latest move in the mortgage market by reducing interest rates on many of its standard range fixed products.

Rates have been cut across a range of LTVs, including 0.61% off a two-year fixed fee-saver mortgage at 90% LTV, down from 2.99% to 2.38%.

Lending increases

The cuts from HSBC come on the heels of a Bank of England report that shows mortgage lending remains strong, with last month seeing the highest number of mortgages approved for 19 months.

In August, mortgage lending rose by £3.4bn, in comparison to £2.8bn in July. This was the highest figure since May 2008.

HSBC’s revised mortgage range includes:

– 60% LTV 2yr fixed – 1.19% plus £1499 booking fee (new product)
– 90% LTV 5yr fixed – 2.88% plus £1499 booking fee (new product)
– 90% LTV 2yr fixed – 2.38% (down 0.61% from 2.99%) feesaver
– 80% LTV 3 yr fixed 2.44% (down 0.35% from 2.79%) plus £999 booking fee
– 60% LTV 5yr fixed – 2.19% (down 0.2% from 2.39%) plus £999 booking fee
– 60% LTV 2yr fixed – 1.49% (down 0.15% from 1.64%) plus £999 booking fee [1]

HSBC announce mortgage rate cuts

HSBC announce mortgage rate cuts

‘Remortgage season’

‘Autumn is typically remortgage season amongst homeowners; we have now made it even more compelling to remortgage to HSBC,’ stated Tracie Pearce, HSBC’s Head of Mortgages in the UK. ‘We are continuing to see confidence in the housing market and the Bank of England statistics support that view. With mortgage rates continuing to be extremely low, now is a good time for borrowers to review their existing mortgage arrangements, particularly if they are on a standard variable rate,’ she continued.[1]

‘We recently made our mortgages available to more people by expanding our broker partnerships to include London & Country. We are committed to continuing to offer our customers competitive rates to help them achieve their property hopes and dreams,’ Pearce added.[1]

[1] http://www.propertyreporter.co.uk/finance/hsbc-announces-rate-cuts-of-up-to-061.html