The lender announced the cuts of up to 0.1% would be taking place with immediate effect on 20 products and included a 0.05% reduction on its 90% LTV two-year fixed rate which is now priced at 3.09%.

And it also revealed, with the increased lending limits on its 85% LTV and 90% LTV capital repayment mortgages, the maximum borrowing on 85% LTV mortgage had increased by 50% to £750,000. On 90% LTV borrowing this had gone up from £400,000 to £550,000.

Michelle Andrews, HSBC UK’s head of buying home, said: “There are lots of different elements to consider when looking for a mortgage to get onto or up the property ladder. Two big considerations are interest rate and how much you can borrow, and these changes will make a big difference.

“Alongside other changes we have recently made, including accepting variable pay as part of a mortgage application, we are excited about continuing to support homeowners and the wider property market.”

The reduced mortgages rates include the following:

• 85% LTV 5 year fixed rate (£999 fee) down 0.10% to 2.74%, with the fee saver equivalent reduced by 0.1% to 3.04%;
• 85% LTV 2 year fixed rate (fee saver) lowered by 0.05% to 2.79%
• 75% LTV 2 year fixed rate (£999 fee) cut by 0.10% to 1.39%;
• 60% LTV 5 year fixed rate (£999 fee) down by 0.05% to 1.29%; and
• 90% LTV 2 year fixed rate (£999 fee) down by 0.05% to 3.09%, with the fee saver equivalent reduced by 0.05% to 3.29%.