The lender's SVR has been reduced to 6.75 per cent in line with the Monetary Policy Committee's decision on 7 December.
HSBC also reduced its tracker rates by 0.25 per cent once the rate cut was announced.
Variable mortgage rates will not be reduced until 24 December 2007, but will benefit from the same 0.25 per cent cut.
HSBC has said that this takes its variable mortgage rate down lower than that offered by Halifax, Nationwide, Abbey, Lloyds TSB and NatWest - a difference of at least 0.24 per cent.
