HSBC UK adds mortgage fixed rates plus more cashback options
These additions come as the bank increases the number of Feesaver* mortgages with cashback offers, providing up to £750 to first time buyers and up to £500 for home movers. HSBC UK has also reduced rates for new and existing customers.
The changes being made include:
- Fourth rate cut this year with reductions of up to 0.35% for existing customers (3 year fixed rate 60% to 75% LTV Feesaver) and up to 0.18% for new customers (2 year fixed rate 70% to 75% LTV £999 fee);
- 3 year fixed rates (60% to 90% LTV) with cashback up to £500;
- 10 year fixed rates starting at 3.89% (60% LTV with £999 fee) with Feesaver options available; and
- More cashback for first time buyers, including £750 for all 5 year fixed rate Feesaver mortgages.
Michelle Andrews, HSBC UK’s Head of Buying a Home, said: “Providing customers with more options for the length of a fixed rate mortgage will help provide certainty on how much their mortgage will cost over 2, 3, 5 or 10 years. They will know what their monthly mortgage payments will be, plus it gives them greater flexibility on finding a mortgage option that suits their budget.
“We are also providing higher cashback, of up to £750 for first time buyers, which might be particularly welcome to cover some costs relating to their move or to help them put their own stamp on their new home.”
HSBC UK can also confirm, following seven increases to interest rates on the bank’s Savings accounts in the last year, additional increases of up to 0.35% on instant access savings accounts plus 0.25% on the childrens’ MySavings account and a selection of other accounts.
The changes, which will come into effect on 2nd March 2023 are:
|
Product |
Tier |
Rate (AER) to 01/03/23 |
Rate (AER) from 02/03/23 |
Increase |
|
Premier Savings |
£1+ |
1.20% |
1.50% |
+0.30% |
|
Flexible Saver |
£1+ |
0.90% |
1.20% |
+0.30% |
|
Online Bonus Saver |
<£10k (Inc. Bonus) |
3.00% |
3.25% |
+0.25% |
|
>£10k (Inc. Bonus) |
1.40% |
1.75% |
+0.35% |
|
|
Exc Bonus |
0.90% |
1.20% |
+0.30% |
|
|
Help To Buy ISA |
<12k |
2.25% |
2.50% |
+0.25% |
|
>12k |
0.90% |
1.20% |
+0.30% |
|
|
MySavings / Premier My Savings |
<£3k |
3.75% |
4.00% |
+0.25% |
|
>£3k |
1.25% |
1.50% |
+0.25% |
Media enquiries to:
HSBC UK Media Relations: Steve Gracey – steve.gracey@hsbc.com / 020 7991 4118
Email: UKPressOffice@hsbc.co.uk
Note to editors:
*Feesaver mortgages have no booking fee.
A selection of the Fee Saver rates within the UK First Time Buyer range come with a cashback of £250, £500 or £750 and the UK Home Mover range with £250, £350 or £500.
HSBC UK serves over 14.85 million customers across the UK, supported by 23,500 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.