HSBC has reduced rates for the second time in a week as it announced cuts across its resi and remo range.

The bank has reduced its two-year and five-year residential fixed fee savers at 60%, 70%, 75%, 80%, 85% and 90% LTV.

Meanwhile, its two-year fixed standard rates between 60% LTV to 85% are also decreasing.

It is also cutting its three-year fixed saver and standard rates at 60% LTV and its five-year fixed standard and premier exclusive rates at 60%, 70%, 75%, 80%, 85% and 90%.

For residential remortgages, it is cutting its two-year fixed fee saver rates at 60%, 70% and 75% LTV and its two-year fixed standard mortgages at 60%, 70%, 75%, 80% and 85% LTV.

Its three-year fixed fee saver remo rates at 60%, 70% and 75% LTV are all being cut, as are its three-year fixed fee standard rates at 60% LTV.

The lender is also making a number of reductions across its international residential purchase range.

John Charcol mortgage technical manager Nicholas Mendes says: “HSBC have laid down the gauntlet and shown they mean business with a further rate reduction.

“This is their second rate reduction in a week along with criteria changes which extend terms to 40 years as well as improving their foreign national lending policy.

“It’s great to see a lender kick of the week and hopefully spur on others to make changes.”