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HSBC cuts rates and strikes new broker deal
HSBC has cut rates across its range and secured its second mortgage broker partnership with London & Country.
The bank has cut the cost of 26 mortgages by up to 0.4% for deals up to 90% loan-to-value (LTV) which will also be available through Countrywide, the lender’s pilot broker, from Monday.
London & Country will have access to HSBC’s full residential range from Monday.
HSBC said the reduced rates will be particularly helpful to first-time buyers, or those with limited equity in their property.
Highlights from the cut-price product range include a five-year fix at 2.69% reduced from 2.99% and available up to 70% LTV, and a continuation of its two-year discount rate at 0.99% available for up to 60% LTV. HSBC’s largest reduction is on its 85% LTV three-year fix, which has been cut by 0.4%, down from 3.49% to 3.09%.
Tracie Pearce, head of mortgages at HSBC, said the lender was looking to extend further partnerships with broker networks.
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“It is entirely due to our successful partnership with Countrywide which has enabled us to extend our relationship to London & Country, and we’re committed to continuing to build on this as we welcome new broker partners.”
David Hollingworth, associate director, communications, London & Country, added: “Given the appetite of HSBC, the successful completion of this next phase should pave the way for a broadening of access to other members of Legal & General’s distribution.”
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