HSBC has cut rates across its mortgage products by up to 10 basis points. It has also increased maximum lending across its higher-LTV offerings.

Rate cut highlights include the 85 per cent LTV five-year fix being reduced by 10 basis points to 2.74 per cent and the 75 per cent LTV two-year fix having 10 basis points cut as well, which leaves its rate at 1.39 per cent.

Additionally, the 60 per cent LTV five-year fix has been cut by 5 basis points to leave it at 1.29 per cent and the 90 per cent LTV two-year fix has had 5 basis points removed, bringing its rate to 3.09 per cent.

All of the above mortgages include a £999 fee.

Fee-saver mortgage cuts include the 85 per cent LTV five-year fix being reduced by 10 basis points to 3.04 per cent, the 85 per cent LTV two-year fix being reduced by 5 basis points to 2.79 per cent, and the 90 per cent LTV two-year fix also being reduced by 5 basis points to 3.29 per cent.

Meanwhile, 85 per cent LTV capital repayment mortgages have seen a 50 per cent increase in maximum borrowing limits to £750,000 and for 90 per cent LTV borrowing, the maximum borrowing amount has increased from £400,000 to £550,000.

HSBC UK head of buying a home Michelle Andrews says: “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.”