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HSBC bumps up mortgage rates and deals with broker system issues

  • 04/08/2022
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HSBC bumps up mortgage rates and deals with broker system issues
HSBC has increased rates on residential, buy-to-let and international mortgages for select borrowers who are purchasing, remortgaging or looking for further advances.

A spokesperson for the bank said: “Today we have increased some of our residential and buy-to-let fixed rate mortgages, ranging from 0.02 per cent to 0.25 per cent across our new business range.  

“Some existing customer rates will increase as much as 0.55 per cent.” 

It insisted that despite these changes, its existing customer mortgage rates “remain some of the cheapest available in the market.” 

Changes apply to select two, three and five-year fixes up to 95 per cent loan to value (LTV). 

For example, for first-time buyers and home movers, the two-year fix at 60 per cent LTV with no fee has a rate of 3.59 per cent while the 95 per cent LTV equivalent is priced at 4.09 per cent. 

For remortgagors, the fee-free two-year fix at 60 per cent LTV has a rate of 3.55 per cent, and at 90 per cent LTV the rate is 3.78 per cent. 

For existing borrowers who are switching rate, the fee-free two-year fix at 60 per cent LTV has a rate of 3.37 per cent, and 4.09 per cent at 95 per cent LTV. 

Brokers approached this publication citing issues with HSBC’s broker system following the announcement of these changes, with one broker saying that yesterday they had spent five hours trying to get into the system and did not manage to secure the rate for the client.

Another broker said HSBC was still coming top on most sourcing systems today, so when they attempted to log in for an application there were over 600 people in the queue meaning they were unable to enter and proceed with the application.

A spokesperson for HSBC UK said: “We have had a slight technical issue with our broker platform for a very short period which we are testing to assure ourselves this has now been resolved. The platform is generally extremely stable and provides a fast and simple broker experience, however from time to time we may need to investigate any rare technical issues as they arise.

“As we pride ourselves on our service experience we’re naturally committed to helping any brokers who haven’t been able to secure the product they were looking for as a result of this particular issue.”

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