HSBC will halt new residential applications through brokers at 5pm today (7 July).  

The high street lender says it will come back with higher new rates on Monday morning.  

It adds that all products and current rates for existing customers, through brokers and those who come directly to the firm, will be available until midnight on Sunday.  

Also, direct applications for new residential loans remain open, as do existing customers through brokers and its direct channel.  

The bank says it has listened to broker criticism about recent short-notice withdrawals given by lenders and has reacted by giving intermediaries 24 hours’ notice of this change.  

An HSBC UK spokesperson adds: “We’re firmly focused on supporting customers in the current environment, but, like other banks, we have to reflect significant market movements in our mortgage rates, and these are changing from Monday.”  

The deals in the bank’s current residential range include first-time buyer two-year fixed fee saver deals at 60%, 70%, 75%, 80%, 85% and 90% loan to value.  

Home mover five-year fixed fee saver offers at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV.  

As well as two-year fixed standard remortgages at 60%, 70%, 75%, 80%, 85% and 90% LTV.  

The move comes as a raft of lenders reprice loans after the Bank of England hiked the base rate by 50 basis points to 5% last month, its 13th rate rise in a row since December 2021, taking it to the highest level in 15 years.