HSBC is repricing its range today and introducing discounts for existing customers. 

The lender is bringing in a new pricing structure with different rates for different categories of borrower, depending on whether they are first-time buyers, home movers, remortgage customers or existing customers switching deals.

In the updated range, existing customers will be offered rates that are up to 10 basis points cheaper than the equivalent deals for new customers.

These mortgages are currently up to 0.10% cheaper than equivalent deals for new customers.

HSBC’s reprice includes cuts of up to 30 basis points on products between 80% LTV and 95% LTV.

Highlights of the new range include the following home mover and first-time buyer deals:

•  Mortgage Guarantee Scheme 95% LTV two-year fixed rate with £999 fee reduced by 30 basis points to 2.99% and the Fee Saver equivalent also cut by 30 bps to 3.19%
• 90% LTV two-year fixed rate with £999 fee down by 30 bps to 1.99%
• 85% LTV two-year fixed rate with £999 fee cut by 20 bps to 1.74%

For remortgage customers the new range includes:

• 90% LTV two-year fixed rate with £999 fee reduced by 15 bps to 2.14% and Fee Saver equivalent cut by 5 bps to 2.44%
• 85% LTV two-year fixed rate with £999 fee down by 15 bps to 1.74% and Fee Saver equivalent cut by 5 bps to 2.14%

The lender has also cut selected buy-to-let rates by up to 15 basis points.

HSBC UK head of buying a home Michelle Andrews says: “I am pleased to confirm that we have introduced differential pricing by buyer type which will enable us to be more dynamic in our approach to help more customers, whether this be taking their first step on the property ladder or looking to remortgage their existing property for a lower monthly cost.”

“Also, by expanding our mortgage range and moving away from a ‘one size fits all’ approach to mortgage rates, existing customers will also be able to benefit from enjoying the very best of our mortgage rates through our Switcher range of products.”