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HSBC cuts selected fixed rates

Journalist: Riz Malik

ended 26. September 2023

HSBC has announced that it is cutting selected residential and buy-to-let rates with effect from Wednesday 27th September. Free UK news agency, Newspage, sought the views of brokers, below.

Summary of changes:

Existing residential customer switching / borrowing more

·         2 Year Fixed Fee Saver at 70% and 75% LTV decreasing

·         2 Year Fixed Standard at 85% LTV decreasing

·         5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

·         5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

·         5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 85% and 90% LTV decreasing

Residential first time buyer / home mover

·         2 & 3 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

·         2, 3 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

·         5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV decreasing

·         5 Year Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

Residential remortgage

·         2 Year Fixed Fee Saver at 60%, 70%, 75% and 80% LTV decreasing

·         2 & 5 Year Fixed Standard at 60%, 70% and 75% LTV decreasing

·         3 & 10 Year Fixed Fee Saver at 60% LTV decreasing

·         3 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

·         5 Year Fixed Fee Saver at 60%, 70%, 75%, 80% and 85% LTV decreasing

·         10 Year Fixed Standard at 60% LTV decreasing

·         5 Year Premier Exclusive at 60%, 70% and 75% LTV decreasing

Residential remortgage cashback

·         2 Year Fixed Fee Saver at 60%, 70%, 75% and 80% LTV decreasing

·         2 & 5 Year Fixed Standard at 60%, 70% and 75% LTV decreasing

·         5 Year Fixed Fee Saver at 60%, 70%, 75%, 80% and 85% LTV decreasing

International residential

·         2 & 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV decreasing

·         2, 3 & 5 Year Fixed Standard at 60%, 70% and 75% LTV decreasing

·         3 & 10 Year Fixed Fee Saver at 60% LTV decreasing

·         10 Year Fixed Standard at 60% LTV decreasing

·         5 Year Premier Exclusive at 60%, 70% and 75% LTV decreasing

Existing BTL customer switching / borrowing more

·         5 Year Fixed Standard at 60% and 65% LTV decreasing

BTL purchase

·         2 Year Fixed Fee Saver at 60%, 65% and 75% LTV decreasing

·         5 Year Fixed Fee Saver at 65% and 75% LTV decreasing

·         5 Year Fixed Standard at 60% and 65% LTV decreasing

BTL remortgage

·         5 Year Fixed Fee Saver at 60% and 65% LTV decreasing

·         5 Year Fixed Standard at 65% LTV decreasing

    There are no changes to any other interest rates at this time.

8 responses from the Newspage community

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Premium
Rob Gill
Managing Director at Altura Mortgage Finance
With the mortgage price war in full swing, lenders are delivering rate cuts on a daily basis. This is great news for borrowers, and a significant boost to the property market as it emerges from a long summer slowdown.
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Premium
Denni Tyson
Mortgage and Protection Advisor at Henchurch Lane Financial Services
This is another very positive step for the market, with HSBC also now reducing rates. For the first time in months, I have been able to write a mortgage with a '4' at the start. Hopefully, this will push more rates into the sub-5% space, which will calm things and give consumers plenty of options with their existing mortgage deals.
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Elliott Benson
Owner at Sett Mortgages
This is brilliant news. We now have a full-on price war as we go into the final quarter of the year. Hopefully this will continue and kickstart the property and mortgage markets in 2024. It is about time positive news was broadcast to potential buyers aside from the usual doom and gloom.
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Platinum
Riz Malik
Independent Financial Adviser at R3 Wealth
Another day, another rate cut. This reduction will be welcomed by residential and buy-to-let borrowers alike and continues the good news from mortgage lenders following last week's Bank of England hold decision.
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Platinum
Rohit Kohli
Director at The Mortgage Stop
It is a domino effect at the moment. When one of the major lenders reduces, others will almost certainly follow. It is welcome news for people rolling off their fixed rates in the coming weeks and months as this will take some of the pain out of the rises they were expecting, but we're not out of the woods yet. It's still going to be another tough winter for many despite these reductions. The mortgage market now is worlds apart from what it was just over a year ago.
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Platinum
Michelle Lawson
Director at Lawson Financial
Another lender announcing rate cuts and another reason to use a good broker who will review all the products available and ensure you get the lower rates offered. Lenders don't do this if you go direct to them, even switching products. Expect more of the same in the coming days. The rate war is now well and truly on.
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Platinum
Elliott Culley
Director at Switch Mortgage Finance
Good news for borrowers and all the more so given that this covers both the residential and buy-to-let market. This trend is expected to continue for the next couple of weeks as lenders try to entice customers to borrow from them. They need new business and that's really starting to show.
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Darryl Dhoffer
Founder at The Mortgage Geezer
Yet another lender is cutting rates! Long may this continue. I fear that these cuts from all lenders may be too late to reignite the mortgage market alone, in its current state. Consumers have had one terrible ride this year, and I can't see NEW buyers queuing up with their "fast passes" to take on another ride just yet.
The Government and the Bank Of England need to revamp the theme park, with some exciting attractions, before customers come flocking back.