HSBC cuts rates on host of deals up to 90 per cent LTV

HSBC cuts rates on host of deals up to 90 per cent LTV

 

In the bank’s latest round of rate cuts, the cost of 20 deals have been reduced by up to 0.1 per cent spanning 60 to 90 per cent LTV deals.

Highlights from the rate cuts include an 85 per cent LTV five-year fixed rate, with a £999 fee, down 0.10 per cent to 2.74 per cent. The fee saver equivalent has been reduced by 0.1 per cent to 3.04 per cent.

At 75 per cent the bank has cut the two-year fixed rate, with a £999 fee, by 0.10 per cent to 1.39 per cent.

Earlier this week HSBC increased the lending limit on its 85 per cent LTV range by 50 per cent to £750,000 while the maximum lending cap on 90 per cent deals has been lifted from £400,000 to £550,000.

And the lender also revealed at Mortgage Brain’s Mortgage Vision event that it planned to open up its mortgage range to the entire broker market this year. Currently the bank’s deals are available to around 300 intermedaries.

HSBC UK head of buying a home Michelle Andrews said: “There are lots of different elements to consider when looking for a mortgage to get onto or up the property ladder.

“Two big considerations are interest rate and how much you can borrow, and these changes will make a big difference.”

HSBC has committed to offering 95 per cent LTV mortgages through the government-backed mortgage guarantee scheme, with this expected to launch in mid-April.