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HSBC announces rate cuts

ended 04. September 2023

HSBC has just announced it is decreasing rates. See screengrab. Free UK news agency, Newspage, sought the views of brokers, below.

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10 responses from the Newspage community

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Ranald Mitchell
Director at Charwin Private Clients
More in the tit-for-tat rate race between the bigger lenders. There is a determination not to be outdone by competitors and long may it continue. With these continued reductions, you have to wonder why pricing was placed so high in the first place.
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Elliott Benson
Owner at Sett Mortgages
Even more rate reductions, which is great news for people starting to look to buy and also those who may have started the re-mortgage process in the past six months who can now potentially switch to a cheaper rate before completion. Lenders want the business and I think this is going to continue for the foreseeable future. The difficulty at the moment is I don't think it has caught on yet that fixed rates are steadily reducing. Given the focus on base rate increases, the general assumption among the public is that fixed rates are increasing, too.
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Lee Gathercole
Co-Founder at Rebus Financial Services
It's great to see big banks like HSBC continue to review their mortgage rates. HSBC are probably one of the best banks when it comes to this. It will be welcome news for current homeowners and first-time buyers. Hopefully other lenders will take a leaf out of HSBC's book.
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Michael James Powell
Director at Mike Powell Mortgages
This is fantastic news for people looking to remortgage or purchase, with another major lender, HSBC, reducing fixed rates across the board. Hopefully, this will increase confidence among buyers and sellers alike and enable the housing market to move at a greater pace. Expect more lenders to follow suit, resulting in a potential rate war and a positive outcome for consumers.
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Justin Moy
Managing Director at EHF Mortgages
Rate reductions across their residential range is a great way to start the week, and hopefully the weather isn't the only thing heating up this week. Every rate cut helps and encourages the rest of the mainstream market to follow their positivity.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Rate reductions are coming thick and fast leaving brokers feeling like they are watching a tennis match from the net-side. Further reductions from HSBC will set off another round of reductions from other lenders, which is all great news for borrowers. Accord Mortgages also reduced its existing customer range today as they look to retain more clients to help reach lending targets.
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Riz Malik
Director at R3 Mortgages
It was back to school for many of us today and for HSBC it is back to business. I'm certain other lenders will follow suit before the day concludes.
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Lewis Shaw
Owner and Mortgage Expert at Shaw Financial Services
This is another step in the right direction as mortgage rates continue to fall, although we must be mindful that this could be a short-lived reprieve if the Bank of England continues to increase the base rate next month. We've seen several changes in lending policy, such as lenders opting to allow longer terms and expanding the types of income they will allow, which all point to lenders trying to be more flexible as their lending volumes decrease and they seek to get more new business on the books. This shows that reduced housing and mortgage market demand is now starting to bite, and banks are looking for any way to keep the wheels turning as the growing clouds above the economy are slamming the brakes on borrowing.
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Rohit Kohli
Director at The Mortgage Stop
Well done HSBC for continuing to pass on reductions. This is very welcome and hopefully other lenders continue to follow their example as it's very much needed at the moment.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
HSBC is making a smart move by reducing rates. This shows they're ready for business. Let's hope other banks on the high street do the same.