It also cuts rates across product range
HSBC UK has broadened the accessibility of its Energy Efficient Homes Cashback (EEHC) mortgage, while announcing rate reductions across its residential and buy-to-let mortgage range – but brokers may be impacted by the move.
Effective today, January 6, the EEHC mortgage, which offers cashback of up to £750 for homes with an energy performance certificate (EPC) rating of ‘A’ or ‘B’, will now be available to customers applying directly to HSBC UK. Previously, the incentive was exclusive to applications submitted via mortgage brokers.
The EEHC programme, introduced in March 2024, aims to incentivise sustainable homebuying and remortgaging. Since its launch, the cashback offer has increased from a maximum of £500 to £750 or £1,250, depending on the mortgage product. Combined with other cashback incentives, customers may now receive up to £1,750 in total cashback.
“The introduction of our Energy Efficient Homes Cashback mortgage has been very popular, with thousands of homeowners making sustainable choices in addition to having a home with reduced energy bills and benefiting from our cashback incentive,” said Oli O’Donoghue, head of mortgages at HSBC UK.
“We know that some customers prefer to come to us direct and not through a broker, so I am pleased those customers will now also have this cashback mortgage available to them, giving them another reason to make a sustainable choice.”
In addition to the expanded EEHC offering, the high street lender has introduced mortgage rate cuts across its product range.
All two-year fixed-rate residential mortgages have been reduced by up to 0.16%, while five-year fixed-rate residential mortgages for home purchase and remortgage have been cut by up to 0.15%, with the lowest standard rate now at 4.09% (4.06% for Premier customers).
Existing customer switcher rates have been reduced by up to 0.47%, while buy-to-let remortgage rates have been lowered by up to 0.23%.
“The start of a new year often brings resolutions around financial goals, including homeownership,” he said. “With these rate cuts, we’re committed to helping customers on to or up the property ladder, offering some of the most competitive mortgage options to support their homeownership ambitions.”
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