Borrowers with a deposit of 10% will now be able to secure a rate of 1.99% fixed for two-years with HSBC, without a fee.
The lender is also offering a three-year fix of 1.99% and two-year fix of 1.74% both at 90% LTV, and each with a fee of £999.
HSBC has also reduced its fee-free five-year fixed-rate at 90% LTV to 2.59% and £999 fee equivalent to 2.39%.
Tracie Pearce, HSBC UK’s head of retail banking, said: “It’s difficult to over-state the importance of first time buyers to the housing market, and of the housing market to the wider economy. That is why we are making a succession of changes to address the challenges FTBs face which will help keep the housing market moving.
At the same time, Platform has cut two and five-year fixed rates by up to 0.20 percentage points for new and switching customers.
The lender now offers a five-year fixed-rate at 75% LTV at 1.94% per cent, with a £1,499 fee, as well as two-year fixed-rate at 90% LTV at 2.19% without a fee.
All deals come with £250 cashback and a free standard valuation for purchase and remortgage.
Paul Norcott, head of mortgages and insurance at The Co-operative Bank said: “Talk of a base rate rise has subsided as we move into the summer months and we’re pleased to announce rate reductions to our already competitive Platform mortgage range for brokers looking to find the right deal for their clients, whether purchasing, remortgaging or moving home this season.”
