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HSBC dropping rates

Journalist: Callum Mason, i

ended 15. November 2023

HSBC has just repriced its mortgages down this morning, following Nationwide last week. Is this a sign of the rate war ‘hotting up’ and do we expect further lenders to reprice especially given inflation falling to a slightly lower figure than expected?

8 responses from the Newspage community

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Elliott Culley
Director at Switch Mortgage Finance
The rates seen by HSBC are in line with other mainstream lenders. Off the back of the better than predicted inflation data, don't be surprised if we see HSBC and others repricing again next week.
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Kundan Bhaduri
Property Developer and Portfolio Landlord at The Kushman Group
HSBC's rate drop is a great first step. Brace yourselves for an influx of house hunters in the coming months though. The Chancellor's plan is finally working as Rishi and Jeremy together with the BoE give inflation a good kicking. Clearly, the ripple effect of this good news is about to hit the housing scene. We're talking lower mortgage rates, boosting buyer confidence and turning peoples' property dreams into reality. But, hang on, it's not all sunshine and rainbows. We still have a nationwide puzzle to solve – there's just not enough housing stock in the market. The demand is soaring, but supply is short. 2024, get ready to witness a property market explosion - not fireworks, but a steady climb in those house prices. For the property market to go from zero to hero, we need inflation to keep doing its disappearing act. And how about the Bank of England throwing in a rate cut for good measure? That's the secret sauce we need to supercharge the housing game in 2024.
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Steven Hargreaves
Mortgage and Protection Adviser at The Mortgage Co
Fantastic news, reducing rates twice in a week, keep the reductions and fixed rate war going, it will give much respite to first time buyers and existing clients with fixed rates coming to an end.
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Gary Bush
Financial Adviser at MortgageShop.com
HSBC are quick off the mark having heard the lower inflation rate with their repricing downwards of fixed rate mortgages this morning. The continued UK lender rate price war is great news for struggling mortgage account holders.
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Ashley Thomas
Director at Magni Finance
I expect a number of lenders to follow with price reductions, especially in light of the inflation data. Rates may start with a 3 within the next month.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Triggered by the softer inflation figures and increased market confidence HSBC have thrown its hat into the mortgage rate-cut ring. However there are so many hats already in this ring, they are being thrown so often, and a lot of them are so small, it's difficult to remain enthused.
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Ben Tadd
Director at Lucra Mortgages
More positive news for mortgage borrowers as HSBC has thrown its hat into the rate war ring in an attempt to maintain market share. Nationwide slashing their rates last week has prompted a response from some of the other Big Six lenders, with a need to compete on pricing. Halifax, also announced further cuts to their purchase products from today, as the rate war rumbles on. More lenders are now bound to follow suit in a domino effect, with widespread further rate reductions in the coming days to try and keep up. With inflation falling this morning to a much lower level than anticipated, expect the rate war to intensify in the coming weeks - great news for mortgage borrowers.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
Absolutely love this price war! But let's get real – it's all thanks to the recent drop in inflation, and chances are, the Bank of England won't be rocking the boat with the base rate anytime soon. Plus, we're cruising into the traditionally quiet period for the housing market, and it seems like lenders are on a mission to snag as much business as they can. Game on!