HSBC has cut selected residential and landlord fixed-rate loans by up to 45 basis points, while lifting remortgage offers by up to 40bps, as swap rates rise.
Highlights of the high street bank’s changes include:
Residential purchase/home mover
- Five-year 60% loan to value, with a £999 fee, at 4.24%, down by 25bps
- Three-year 60% LTV, with no fee, at 4.94%, down by 35bps
Residential remortgage
- Five-year 60% LTV, without a fee, at 3.99%, up by 5bps
- 10-year 75% LTV, without a fee, at 4.39%, up by 40bps
First-time buyer residential
- Five-year 60% LTV, with a £999 fee, at 4.25%, down by 25bps
- Three-year 80% LTV, with a £999 fee, at 4.74%, down by 4bps, with £350 cashback
Buy to let
- Two-year 75% LTV, with a £1,999 fee, at 4.44%, down by 45bps
- Five-year 65% LTV, without a fee, at 4.38%, down by 41bps
The move comes as swap rates have risen in recent weeks.
A two-year Sonia swap was 4.323% on 2 February, up from 4.180% on 5 January, according to Chatham Financial. Five-year rates have risen to 3.744% from 3.590% over the same period.
An HSBC spokesperson says: “There are a number of factors that are taken into account when setting mortgage rates.
“Over recent months we have continually reduced hundreds of mortgage rates, in addition to cutting the rates on over 50 residential mortgages by up to 35bps today. We have also cut dozens of BTL rates today by up to 45bps.”
“However, there have also been increases this week to residential mortgages.
“We continue to keep our rates under review and we are pleased to have maintained our sub 4% offers on our residential ranges.”
