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HSBC and Bank of Ireland announce rate cuts as "Sonia SWAPS continue to head south"

ended 06. August 2024

HSBC has this morning announced that, with effect from Wednesday 7th August, it will be making a number of changes to its residential and Buy to Let (BTL) mortgage product ranges (see screengrab).

Bank of Ireland has also announced it is improving all of its Buy to Let rates at 9am, on Wednesday 7th August.

Newspage asked brokers for their views, bottom.

5 responses from the Newspage community

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Elliott Culley
Director at Switch Mortgage Finance
Rate reductions will grab the headlines, but looking into the finer detail, increases to HSBC's lower deposit options is disappointing to see. First-time buyers are the lifeblood of the mortgage market and keep the wheels turning. There have been a couple of lenders who have taken this decision recently to increase at higher LTV's, which is a shame to see when we are at such a pivotal part of the year.
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Darryl Dhoffer
Founder at The Mortgage Geezer
Sonia SWAPS continue to head south and that's likely feeding into these rate reductions from HSBC and the Bank of Ireland. We won't find out HSBC's rates until tomorrow but fingers crossed it's a lottery win. Ultimately, though, every cut counts when it comes to mortgages so we're heading in the right direction. It's shaping up to be an unseasonally busy August.
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Simon Bridgland
Director at Charwin Private Clients
HSBC have shot out of the starting blocks with a decrease in all but 90% and 95% loan-to-value products. Rates won’t be released until the starting pistol has fired in the morning, so let’s hope we don’t have a false start. Meanwhile, Bank of Ireland wait nervously to see if they have done enough to secure their place in the buy to let final, as things are likely to hot up with more lenders expected to show what they’re made of.
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Ben Perks
Managing Director at Orchard Financial Advisers
Lenders are dangling a carrot in front of eager brokers this morning, announcing decreasing rates but not disclosing the scale of cuts to come. We wait with bated breath, so they better be worth the suspense and drama.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
When a big lender like HSBC announces rate cuts, other lenders are likely to follow. The competitition among lenders is really starting to heat up now but we need more competitive rates at higher LTVs.