At 90 per cent LTV the two-year fix that carries a £999 fee has been reduced by 0.10 per cent to 3.14 per cent. The fee-saver option has been cut to 3.34 per cent.
Additional rate cuts include:
• two-year fix with £999 fee at 60 per cent LTV down 0.05 per cent to 1.14 per cent.
• five-year fix fee saver at 60 per cent LTV down 0.05 per cent to 1.64 per cent.
• two-year fix fee saver at 75 per cent LTV cut by 0.10 per cent to 1.79 per cent.
HSBC UK head of buying a home Michelle Andrews said: “Supporting the UK housing market can take many forms.
“Last year we continued lending at 90 per cent LTVs during very challenging times, worked hard to work within lockdown rules to continue to value properties in a timely way and continued to on-board broker partners to help give more people access to our products.”
In yesterday’s Budget, chancellor Rishi Sunak unveiled a mortgage guarantee scheme that will be backed by the government to encourage banks to lend at 95 per cent LTV again.
HSBC, Santander, Barclays, NatWest and Lloyds Banking Group have all signed up to the initiative which is expected to come into force in mid-April. Virgin Money is expected to join in May.