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.
“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.”
