HSBC has cut rates for existing residential switching customers and current residential customers who want to borrow more by 40 basis points.  

Highlights of the move for switching customers include a 60% loan to value fee saver two-year fixed-rate loan, down by 40bps to 5.09%.  

A 90% LTV fee saver two-year fixed-rate offer, cut by 30bps to 5.79%.  

For switching customers deals also include a 90% LTV two-year fixed-rate loan, with a £999 fee, reduced by 24bps to 5.55%.  

A 60% LTV two-year fixed-rate offer, with a £999 fee, cut by 25bps to 5.24%. A 60% LTV five-year fixed-rate deal, with a £999 fee, down by 15bps to 4.79%  

And an 80% LTV five-year fixed-rate offer, with a £999 fee, down by 15bps to 4.89%.  

Among current residential customers who want to borrow more, the lender says highlights include fee saver two-year fixed-rate loan cuts at 60%, 70%, 75%, 80%, 85% and 90% LTV.  

Three-year fixed-rate standard offer reductions at 60%, 70%, 75%, 80%, 85% and 90% LTV.  

And five-year fixed-rate premier exclusive deal decreases at 60%, 70%, 75%, 80%, 85% and 90% LTV.  

The bank says there are no other changes to its other interest rates or to fixed-rate loan end dates.  

The move comes a day after the average two-year fixed-rate mortgage on the market topped 6% for the first time in 14 years. A typical two-year fix stood at 6.07% on Wednesday, according to Moneyfacts.  

The last time an average two-year fix was higher than this was in November 2008, when it stood at 6.31%, says the data group.  

The amount of mortgage products on the market fell by 41% to 2,273 last week, as firms pull products to work out how to reprice them as the cost of debt for the government and companies rose on international money markets, following Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget earlier this month.