Previously existing customers could switch rates three months before their old deal ended without incurring a penalty. This has now been extended to six months.
To help borrowers switch rates by themselves, HSBC has launched a new mobile mortgage rate switching service which it says makes it simpler and quicker for borrowers to change rates.
For existing borrowers with 10 per cent equity they can switch to a 4.99 per cent five-year fixed rate following a rate cut of 0.20 percentage points. The deal has an arrangement fee of £999.
A two-year fee-free fixed rate of 5.59 per cent is now available at 90 per cent loan to value (LTV) following a 0.20 percentage point reduction.
At 60 per cent LTV existing borrowers can access a two-year fixed rate of 4.89 per cent down from 5.1 per cent with a fee of £999 and a five-year deal at 4.74 per cent down from 4.89 per cent with the same fee.
Rates for borrowers remortgaging to HSBC have been cut by up to 0.11 percentage points.
