HSBC has decreased the rates on buy-to-let (BTL) products at 60 and 75 per cent loan to value (LTV) by up to 0.15 per cent to target amateur landlords.
The lender has cut the rates for its two and five-year fixed at 60 per cent LTV by 0.15 per cent to 2.09 per cent and 1.39 per cent, respectively.
For its BTL products at 75 per cent LTV its two-year fixed has been reduced by 0.15 per cent to 1.64 per cent and its five-year fixed has decreased by 0.1 per cent to 2.29 per cent.
The two-year fixed products which have seen rate cuts are subject to a £1,999 fee, while the five-year fixes have no fee.
Furthermore, to standardise its range with its residential offering, it has removed the £349 fee from BTL products to make them fee-free.
HSBC UK’s head of Buying a Home, Michelle Andrews (pictured), said reducing the rates and removing its product fee would make mortgaging and remortgaging significantly cheaper for amateur landlords or those growing small portfolios.
She added: “With a significant increased demand for rented properties, the BTL market has seen a sharp bounceback in recent months.
“With many people having changed their priorities during the Covid crisis and looking to move out of cities into new areas, renting is a great ‘try before you buy’ option, which is feeding BTL demand.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
