A two-year fixed rate mortgage at 90% LTV with no fee is now 5.57%, reduced by 0.11%. A five-year fix at 60% LTV, with a £999 fee, was reduced by 8bps to 4.40%, while its counterpart at 85% LTV was cut by 4bps to 4.69%.
For buy-to-let remortgages, the new rates include a two-year fixed rate mortgage at 60% LTV with a £1,999 fee, with rates reduced by 14bps to 4.69%.
“We are firmly focused on helping customers onto or up the property ladder,” an HSBC UK spokesperson said. “There are a number of factors that are taken into account when setting mortgage rates, and following a review, we are reducing over 140 mortgage rates by up to 0.18%. We continue to keep our rates under review.”
Meanwhile, two other big mortgage lenders also announced rate cuts, with Barclays reducing several five-year fixed rates, including its 60% LTV product with a £999 fee, which has been slashed from 4.47% to 4.34%.
TSB also implemented rate reductions of up to 10bps on two- and five-year fixed rate mortgages for purchases.