A spokesperson said that direct applications from customers for new residential products would remain open.
In a broker note sent yesterday, the lender said that its current residential product switch, buy-to-let and international ranges would remain open until midnight on 9 July.
The bank added that a “number of changes” would be made to its residential product range from 10 July.
HSBC said to secure an existing product, brokers would need to submit applications in full by 5pm today and all evidential and supporting documentation must be provided within 30 calendar days.
Existing residential customers
In its existing residential customer switching range, two and three-year fixed rate fee-saver and standard deals up to 90 per cent LTV will rise.
For fee-saver five-year fixed rates, changes will apply up to 95 per cent LTV and up to 90 per cent LTV for its standard equivalent.
The lender’s 10-year fixed fee-saver and standard products up to 80 per cent LTV will rise whilst fee-free two-year tracker between 90 and 95 per cent LTV will fall. Two-year tracker standard deals between 80 and 90 per cent LTV will also decrease.
In its existing residential customer borrowing more range, two, three and five-year fixed rates, both fee-saver and standard deals, up to 90 per cent LTV will rise.
The lender’s 10-year fixed fee-saver and standard products up to 80 per cent LTV will rise, whilst its two-year tracker standard will fall.
First-time and homemovers
For residential first-time buyers and homemovers, fee-free and standard two and three-year fixed rates up to 90 per cent LTV will go up. Similar changes have been made to five-year fixed standard deals, whereas fee-saver deals on the same term have been altered up to 95 per cent LTV.
On the residential remortgage side, two, three and five-year fixed rate, both fee-saver and standard deals, up to 90 per cent LTV will rise, whilst 10-year fixed rates up to 80 per cent will increase.
For international residents, two, three, five and 10-year fixed rate fee-saver and standard products up to 75 per cent LTV will go up.
Buy to let
On the existing buy-to-let customer switching or borrowing more side, two-year and five-year fixed rate fee-savers up to 75 per cent LTV will increase, whilst its standard deals on both terms will only rise at 60 per cent LTV.
Buy-to-let purchase deals, which includes fee-saver and standard deals on two and five-year fixed rates, up to 75 per cent LTV have gone up. Similar changes have been made to buy-to-let remortgage rates.
The lender added that it had temporarily removed its cashback incentive across all its UK residential remortgage offerings, but all UK residential remortgage rates will include fees-assisted legals.
A HSBC UK spokesperson: “We’re firmly focused on supporting customers in the current environment, but, like other banks, we have to reflect significant market movements in our mortgage rates, and these are changing from Monday.”
