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HSBC cuts rates and relaunches trackers; Melton BS brings back high LTVs – round-up

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  • 17/04/2020
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HSBC cuts rates and relaunches trackers; Melton BS brings back high LTVs – round-up
HSBC has reintroduced its tracker mortgages and cut rates while the Melton Mowbray Building Society has relaunched mortgage lending up to 90 per cent loan to value (LTV).

 

HSBC has made changes to its mortgage range, reducing the interest rate across a number of fixed rate mortgages and reintroducing its two-year tracker deals. 

The two-year tracker ranges from 1.39 per cent at 60 per cent LTV to 2.09 per cent at 90 per cent LTV, and all have no early repayment charges. 

The bank is reducing rates on 10 mortgages across 60 per cent to 75 per cent LTV.

Changes include its two-year fixed product at 60 per cent LTV with a £999 fee which has been cut by 0.05 per cent to 1.24 per cent. The fee-free equivalent is also reduced by 0.05 per cent to 1.54 per cent.  

HSBC’s five-year fixed mortgage at 60 per cent LTV with a £999 fee, has been reduced by 0.05 per cent to 1.44 per cent and the fee saver equivalent reduced to 1.69 per cent. 

The bank will process new applications with a desktop or automated valuation. 

HSBC said it also continues to add broker partners to the list of those who can access its products and it is now up to 181 firms, covering 13,500 brokers. 

Michelle Andrews, HSBC UK head of buying a home, said: “The unique set of circumstances brought about by recent events has led to some significant change set alongside some important constants.  

One constant is to ensure we review our rates regularly and adjust them for our customers keeping them as competitive as possible.” 

 

The Melton brings back high LTVs 

The Melton Mowbray Building Society has relaunched its mortgage products up to 90 per cent LTV as of 17 April. 

The society has also introduced a new desktop valuation service which will be available on this range, provided it meets the relevant criteria. It will also be available on all products in the Melton’s credit repair subsidiary MBS Lending. 

New-build properties are exempt from the valuation service. 

The society cut its lending on new applications to 60 per cent LTV at the beginning of April citing the restrictions on valuations as the reason. 

Dan Atkinson, head of sales and marketing at the Melton, said: “The situation around coronavirus continues to change and we are adjusting to the ‘new normal’ way of life.  

“We are committed to ensuring that we can continue to service our brokers and our customers and we have therefore adapted our proposition to allow for desktop valuations to be completed on the majority of our products.   

This solution will enable us to continue processing applications with a streamlined approach, considering the all important safety of our customers, he added. 

 

 

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