HSBC UK is expanding its product range and will be providing specific mortgage rates depending on the buyer type.
By providing mortgages for different lending types, including first-time buyers, remortgagors and home movers, HSBC says it will be able to better shape its mortgage offers and provide specific rates for each lending reason.
The changes have been introduced alongside a mortgage rate refresh that will see mortgages between 80% LTV and 95% LTV cut by up to 0.30%.
For first-time buyers and home movers, a 95% LTV two-year fixed rate has reduced by 0.30% to 2.99% with a £999 fee and to 3.19% with no fee.
A 90% LTV two-year fix has reduced by 30bps to 1.99% and an 85% LTV two-year fix is down by 20bps to 1.74%, both with a £999 fee.
For remortgage customers, highlights include two-year fixed rates reduced by 15bps to 1.74% at 85% LTV and 2.14% at 90% LTV, both with a £999 fee. Fee-free equivalents have been reduced by 5bps to 2.14% and 2.44% respectively.
HSBC has also reduced selected rates for those switching products and has lowered buy-to-let rates by up to 0.15% for both purchase and remortgage.
Michelle Andrews, HSBC UK’s Head of Buying a Home, said: “I am pleased to confirm that we have introduced differential pricing by buyer type which will enable us to be more dynamic in our approach to help more customers, whether this be taking their first step on the property ladder or looking to remortgage their existing property for a lower monthly cost.”
“Also, by expanding our mortgage range and moving away from a ‘one size fits all’ approach to mortgage rates, existing customers will also be able to benefit from enjoying the very best of our mortgage rates through our Switcher range of products.”
Original Article from Financial Reporter 26/08/21