Highlights of the rate cuts include:
• Two-year fixed rate at 60 per cent LTV, £999 fee, cut by 0.05 per cent to 1.19 per cent. The zero fee equivalent is now 1.49 per cent.
• Five-year fixed rate at 60 per cent LTV with no fee, reduced by 0.05 per cent to 1.59 per cent.
• Five-year fixed rate at 80 per cent LTV with no fee, reduced by 0.10 per cent to 1.89 per cent.
HSBC UK head of buying a home Michelle Andrews said: “While the purchase of properties has understandably slowed, time marches on for those who are on a fixed-rate deal.
“Many homeowners will have taken out their mortgage or remortgaged in the spring and their deal is now up for renewal, or they risk moving onto a higher standard variable rate mortgage.”
Andrews added that borrowers should take a close look at how the additional cost of moving onto a standard variable rate could impact their finances.
