The high street bank’s lowest rate is its 60% loan-to-value five-year fixed-rate loan, with a £999 fee at 4.93%, which it adds is 96bps lower than the price of the product in July.  

The lender says it has brought down rates on over 140 products, ranging between 1bps to 16bps, with an average reduction of 10bps.  

It has added a £350 cashback bonus to selected five-year fixed-rate products for those moving home. The firm’s standard variable rate remains at 6.99%.   

Highlights of the bank’s reductions include:  

• 60% LTV five-year fixed-rate loans, with a £999 fee, for purchase and first-time buyers reduced by 16bps to 4.93%  
• 90% LTV two-year fixed-rate deals, with a £999 fee, for purchase and first-time buyers reduced by 10bps to 5.89%  
• 95% LTV five-year fixed-rate offers, with no fee, for first-time-buyers-only, reduced by 10bps to 5.79%, with £500 cashback  
• 60% LTV five-year fixed-rate products, with a £999 fee, for remortgagers, reduced by 10bps to 5.19%  

An HSBC spokesperson says: “We’re firmly focused on supporting customers in the current environment.   

“Following review, we are pleased to announce more cuts to mortgage rates across our residential mortgage range for new and existing customers.   

“Rates have been cut on our residential mortgage range by 10bps on average.” 

HSBC is among a range of lenders to offer sub-5% deals over the last two weeks, which includes Santander, Nationwide, Yorkshire Building Society and West One Loans.