Selected products will have lower rates starting Wednesday
HSBC has announced new rate cuts on selected residential and buy-to-let products, with lower rate available Wednesday, November 15.
Various fixed rates at different loan-to-values will be cut on the lender’s existing residential customer switching or borrowing more, residential first-time buyer or home mover,
residential remortgage, residential remortgage cashback, and international residential ranges.
Selected products on HSBC’s existing residential BTL switching or borrowing more, BTL purchase, and BTL remortgage ranges will also have their rates slashed.
One of the UK’s six largest mortgage lenders, HSBC announced the rate cuts on the same day that fellow high street loan provider Halifax also announced that it is repricing its mortgage deals.
“The ongoing price war to attract new mortgage business in a slow market continues unabated,” commented Graham Cox, founder and director at mortgage broker SEMH. “HSBC is the latest lender to cut rates as we slowly inch towards sub-5% deals for the majority of mortgage products. As long as this week’s inflation data doesn’t disappoint, it’s likely rates will continue falling.”
For Craig Fish, director at Lodestone Mortgages and Protection, the new rate cuts from HSBC show the bank is out to do business.
“Let’s hope there is some focus on those who wish to remortgage and on those borrowing at higher loan-to-values,” Fish added. “It does look like the rate war is on, and with the high expectation of positive inflation data tomorrow, this could be a common theme in the lead-up to Christmas.
“It could get busy towards the end of the year as borrowers increasingly come out of their shells, enticed by better mortgage rates. Brokers should start bracing themselves for a potentially busy month.”
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