In another move that is sure to delight homeowners and potential buyers alike, HSBC has unveiled a series of reductions to its mortgage product rates, effective from Thursday the 4th of January 2024. The adjustments span across various residential and buy-to-let (BTL) mortgage product ranges, offering benefits to both existing customers and those seeking new financing options. This is also the third lender to announce significant rate reductions in the first few days of 2024, boding well for the mortgage market.
Existing Customer Rate Cuts
For existing residential customers considering a switch, HSBC is introducing decreases across its 2-year, 3-year, and 5-year fixed fee savers and fixed standard products. These reductions will be applicable across multiple loan-to-value (LTV) brackets, providing flexibility and affordability for a wide range of homeowners.
Furthermore, HSBC is extending its rate cuts to include the 10-year fixed fee saver and fixed standard product for existing residential customers. This move aims to cater to individuals seeking long-term stability in their mortgage arrangements.
The reductions don’t stop there. Existing residential customers looking to borrow more, whether they are first-time buyers, home movers, or those planning to remortgage, will also benefit from lowered rates. HSBC is committed to supporting various segments of the residential market, ensuring accessibility and affordability in the housing finance landscape.
Buy-to-let customers are not left out of these exciting changes. For existing BTL customers considering a switch or looking to borrow more, HSBC is reducing rates on 2-year and 5-year fixed fee savers at 60%, 65%, and 75% LTV. The 2-year and 5-year fixed standard products for buy-to-let customers are also included in these rate reductions, providing a compelling proposition for property investors.
HSBC’s commitment to its BTL customers extends to the purchase and remortgage range as well. Investors can now take advantage of reduced rates on 2-year and 5-year fixed fee savers and fixed standard products across various LTV brackets.
Speak To a Mortgage Broker in 2024 To Secure Lower Rates
These rate cuts come at a time when the housing market is evolving, and consumers are actively seeking competitive and flexible mortgage options. HSBC’s decision to reduce rates across a broad spectrum of products reflects its dedication to meeting the diverse needs of its customer base. Existing and prospective homeowners are encouraged to explore these new rates to take advantage of potential cost savings and secure stable financing in the dynamic real estate landscape of 2024. Give our team of expert mortgage brokers at Oportfolio a call today to get the ball rolling. We are here to help. Call or email us today.