HSBC has announced a reduction in a wide range of home loan rates. The bank has cut the cost of a number of fixed-rate deals, including a cut of 0.61% from its 90% loan-to-value (LTV) two-year fix to 2.38%, and 0.35% off its 80% LTV which is now priced at 2.44%.
Tracie Pearce, HSBC’s head of mortgages in the UK, said: "Autumn is typically ‘remortgage season’ amongst homeowners; we have now made it even more compelling to remortgage to HSBC. We are continuing to see confidence in the housing market and the Bank of England statistics support that view. With mortgage rates continuing to be extremely low, now is a good time for borrowers to review their existing mortgage arrangements, particularly if they are on a standard variable rate."
Analyst Moneyfacts.co.uk highlighted HSBC’s five-year fixed rate at 90% LTV, which is now priced at 2.88%. A spokesman said: “Borrowers with a modest deposit of 10% will be delighted by this latest update from HSBC. Priced at 2.88% this deal is now the lowest priced offering in its sector and enters the Moneyfacts.co.uk Best Buys.”
Pearce added: "We recently made our mortgages available to more people by expanding our broker partnerships to include London & Country. We are committed to continuing to offer our customers competitive rates to help them achieve their property hopes and dreams."