Jade Pinkerton and Louis Mason from Oportfolio Mortgages with representatives of HSBC
In a significant development for the mortgage market, HSBC has revealed upcoming changes to its mortgage product ranges that are set to take effect from this Wednesday, the 23rd of August 2023. These updates will impact both residential borrowers and Buy-to-Let (BTL) mortgage options, catering to a diverse range of borrowers. This move comes as many high street and specialist lenders begin to drop their mortgage rates after months of expensive borrowing.
What Are The Changes To Mortgage Rates From HSBC?
In a message sent to brokers this morning, HSBC have announced mass rate reductions. However, they have not officially release the specific rates to the public yet. If you would like to discuss any of these new products or their rates, please give our team a call today.
Residential First-Time Buyers and Home Movers
For those taking their first steps onto the property ladder or looking to move to a new home, HSBC’s changes to their product offering includes notable decreases in rates across various loan-to-values (i.e. percentage of the property being mortgaged). The popular 2, 3, and 5-year fixed-rate options will all experience decreased rates, making homeownership more accessible and affordable. Here is a breakdown of the changes:
- 2 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreased
- 3 Year Fixed Standard at 60%, 70%, 75%, 80% and 85% LTV decreased
- 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV decreased
- 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreased
- 5 Year Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreased
Residential Remortgaging
Existing homeowners seeking to remortgage their properties will also benefit from reduced rates on several key products. The 2 and 5-year fixed options have been adjusted to reflect HSBC’s commitment to providing its customers with competitive options for managing their existing mortgages.
- 2 Year Fixed Fee Saver at 60%, 70%, 75%, 80% and 85% LTV decreased
- 2 Year Fixed Standard at 60%, 70%, 75%, 80% and 85% LTV decreased
- 5 Year Fixed Fee Saver at 60%, 80%, 85% and 90% LTV decreased
- 5 Year Fixed Standard at 60%, 70%, 75%, 80% and 85% LTV decreased
- 5 Year Premier Exclusive at 60%, 70%, 75%, 80% and 85% LTV decreased
- 10 Year Fixed Fee Saver at 60%, 70%, 75% and 80% decreased
- 10 Year Fixed Standard at 60%, 70%, 75% and 80% decreased
Buy to Let (BTL) Investors
For property investors interested in purchasing or remortgaging properties, HSBC’s rate changes present new opportunities. Adjustments cover both fixed-rate and fee-saving options, underlining HSBC’s dedication to remaining a competitive choice for property investors in the BTL market.
BTL purchase
- 2 Year Fixed Fee Saver at 60%, 65% and 75% LTV have decreased
- 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV have decreased
BTL remortgage
- 2 Year Fixed Fee Saver at 65% LTV have decreased
- 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV have decreased
- 5 Year Fixed Standard at 60% and 65% LTV have decreased
Speak To a Mortgage Broker To Make the Most of Rate Decreases
HSBC’s upcoming changes to its mortgage rates are a clear demonstration of the bank’s commitment to providing attractive mortgage options to a wide range of borrowers. Whether you’re a first-time buyer, a homeowner looking to remortgage, or a property investor, these changes offer an array of opportunities to secure competitive rates tailored to your needs. In a market where getting ‘the best rate’ is no longer as relevant as it perhaps once was, your focus should be getting a mortgage that benefits you and your own circumstances. By speaking to a qualified, specialist mortgage broker, you can get the right help and guidance.
As the changes go into effect on the 23rd of August 2023, we are urging potential borrowers to engage in conversation with our brokers and if appropriate, take advantage of the lowered rates and updated product ranges. These adjustments could potentially lead to reduced monthly mortgage payments and increased savings over the life of the loan. Remember that this information is based on HSBC’s official communication and is subject to change.
If you or anyone you know is looking to secure a new mortgage or re-structure their existing loan, than please give us a call or drop us a message. We are here to help.
