HSBC has introduced a sweeping range of reductions to its residential and Buy-to-Let (BTL) mortgage products, effective from Thursday, 3rd October. This move offers an opportunity for both new and existing mortgage customers to benefit from reduced rates across various loan-to-value (LTV) levels. The rate cuts span several mortgage categories, including high-value loans, residential remortgages, and energy-efficient home products. Here’s a detailed look at the changes.

New High-Value Mortgage Range:

HSBC has rolled out a new high-value mortgage option for loans exceeding £2,000,000.01, applicable to homemovers, first-time buyers, and those looking to remortgage. This product features a £1,999 booking fee and is available at 60%, 70%, and 75% LTV.

Existing Residential Customers: Switching Deals

For residential customers seeking to switch, HSBC has reduced rates for 2 & 5-Year Fixed Fee Saver and Fixed Standard products at LTVs ranging from 60% to 95%.

The 3 & 10-Year Fixed Fee Saver and Standard products also see reductions at 60%, 70%, and 75% LTV.

The 5-Year Fixed Premier Exclusive at 60% to 90% LTV has similarly been lowered.

Borrowing More? Here’s What’s New

Existing residential customers looking to increase their borrowing will also benefit from rate reductions. The 2 & 5-Year Fixed Fee Saver and Fixed Standard options at LTVs from 60% to 90% will now be available at lower rates, while the 3 & 10-Year Fixed Fee Saver products also see reductions across select LTVs.

Residential Mortgages for First-Time Buyers and Homemovers

First-time buyers and homemovers can enjoy reduced rates on both the 2 & 5-Year Fixed Fee Saver and Fixed Standard mortgages for LTVs from 80% to 95%. HSBC has additionally reduced rates for energy-efficient homes, specifically A and B EPC-rated properties. These homes will see rate reductions for the 2 & 5-Year Fixed Fee Saver and Fixed Standard products at LTVs ranging from 80% to 95%.

Remortgage Products Get Competitive

For homeowners looking to remortgage, HSBC has introduced reduced rates across several products. The 2 & 5-Year Fixed Fee Saver and Fixed Standard remortgage products at LTVs between 60% and 90% have seen significant reductions. Those with energy-efficient homes (A & B EPC-rated properties) will also find reduced rates for the 5-Year Fixed Premier Exclusive, available from 60% to 90% LTV.

Buy-to-Let (BTL) Updates

In the Buy-to-Let market, HSBC has lowered rates for the 5-Year Fixed Fee Saver and 5-Year Fixed Standard products at 60% and 65% LTV. New borrowing options, including for those purchasing BTL properties, will also benefit from rate cuts, with 2 & 5-Year Fixed Standard products seeing reduced fees at 60%, 65%, and 75% LTV.

International Mortgage Products

HSBC has made rate reductions for its international customers across both residential and Buy-to-Let products. The 2, 3, 5, and 10-Year Fixed Fee Saver and Standard products at 60%, 70%, and 75% LTV have all seen rate reductions, including for the 5-Year Fixed Premier Exclusive.

In Summary:

HSBC’s broad reductions across its mortgage portfolio provide homeowners, first-time buyers, and Buy-to-Let investors with the opportunity to secure lower mortgage rates. Whether switching to a better deal, remortgaging, or purchasing a property, HSBC’s newly reduced rates will undoubtedly appeal to many in the market.

Looking for Guidance?

Mortgage Tek is here to help you navigate these exciting opportunities. Whether you’re a contractor, first-time buyer, or seasoned investor, we specialize in providing mortgage solutions tailored to your unique circumstances. Reach out to Mortgage Tek today to explore how we can help secure the best deal for you!