HSBC Mortgage Rates on the Rise

HSBC has announced adjustments to its residential and Buy to Let (BTL) mortgage product ranges effective from Friday the 23rd of February 2024. The changes, spanning different loan-to-value (LTV) ratios and fixed-rate terms, signal a trend of increasing rates among lenders.

HSBC Mortgage Rates Changing

The adjustments affect existing residential customers switching their mortgages, those seeking to borrow more, first-time buyers, home movers, remortgagers, and international residential customers. Additionally, alterations are made for both standard and fee saver options across different fixed-rate terms.

Specific Changes To Mortgage Rates

Existing Residential Customer Switching

• 2 & 3 Year Fixed Fee Saver at 60%, 70%, 75%, 85%, 90% and 95% LTV increased
• 2 & 3 Year Fixed Standard at 60%, 70%, 75%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV increased
• 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 10 Year Fixed Fee Saver at 60%, 70%, 75% and 80% LTV increased
• 10 Year Fixed Standard at 60%, 70%, 75% and 80% LTV increased
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased

Existing Residential Customer Borrowing More

• 2 & 3 Year Fixed Fee Saver at 60%, 70%, 75%, 85% and 90% LTV increased
• 2 & 3 Year Fixed Standard at 60%, 70%, 75%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 10 Year Fixed Fee Saver at 60%, 70%, 75% and 80% LTV increased
• 10 Year Fixed Standard at 60%, 70%, 75% and 80% LTV increased
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased

Residential First Time Buyer / Home Mover

• 2 & 3 Year Fixed Fee Saver at 60%, 70%, 75%, 85%, 90% and 95% LTV increased
• 2 & 3 Year Fixed Standard at 60%, 70%, 75%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV increased
• 5 Year Fixed Standard at 60%, 70%, 75%, 85% and 90% LTV increased
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 85% and 90% LTV increased

Residential Remortgage

• 2 Year Fixed Fee Saver at 80% and 85% LTV increased
• 2, 3 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 3 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75% and 90% LTV increased
• 10 Year Fixed Fee Saver at 60%, 70%, 75% and 80% LTV increased
• 10 Year Fixed Standard at 60%, 70%, 75% and 80% LTV increased
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 2 Year Term Tracker Standard at 60% LTV increased

Residential Remortgage Cashback

• 2 Year Fixed Fee Saver at 80% and 85% LTV increased
• 2 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75% and 90% LTV increased

International Residential

• 2 Year Fixed Fee Saver at 60% LTV increased
• 2 Year Fixed Standard at 60%, 65% and 75% LTV increased
• 3 & 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increased
• 3 & 5 Year Fixed Standard at 60%, 70% and 75% LTV increased
• 5 Year Fixed Premier Exclusive at 60%,70% and 75% LTV increased
• 10 Year Fixed Standard at 60%, 70% and 75% LTV increased
• 10 Year Fixed Fee Saver at 60%, 70% and 75% LTV increased
• 2 Year Term Tracker Standard at 60% LTV increased

Existing BTL Customer Switching / Borrowing More

• 2 & 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV increased
• 2 & 5 Year Fixed Standard at 60%, 65% and 75% LTV increased

BTL Purchase / Remortgage

• 2 & 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV increased
• 2 & 5 Year Fixed Standard at 60%, 65% and 75% LTV increased

Mortgage Advisor Insights

Jade Pinkerton, Senior Mortgage and Protection Advisor at Oportfolio Mortgages, emphasises the urgency for borrowers to act swiftly in securing favourable rates amidst the rising tide. Pinkerton notes, “Other lenders have already increased their rates this week. Lenders like Santander, for example. But I’ve had emails about future increases from HSBC, Accord, BOI and other lenders. I suppose the message that we are trying to get out to everyone is GET ORGANISED WITH YOUR REMORTGAGE NOW! Secure a low rate while you can, before more lenders follow suit and raise their rates too. We can help you to secure a competitive product, and we can always amend the case if they go down again and secure you an even better rate potentially.”

Why A Mortgage Broker Can Help You With Rate Increases

The advice underscores the importance of being proactive in navigating the mortgage market. Despite the upward trajectory of rates, mortgage brokers play a crucial role in assisting borrowers to secure the most competitive rates available. By leveraging their expertise and industry connections, brokers can help borrowers explore a range of options, identify favourable terms, and adapt strategies in response to market fluctuations.

Speak To a Mortgage Advisor in 2024

In the current climate, where uncertainty looms and rates are on the rise, the guidance of an experienced mortgage broker can be invaluable. As HSBC and other lenders adjust their rates, staying informed and proactive remains essential for borrowers seeking to navigate the mortgage landscape effectively. If you or anyone you know is thinking of securing a new mortgage in 2024, please feel free to give our team at Oportfolio a call or drop us a message. We are here to help. All initial mortgage consultation appointments are free of charge.