17 April 2020

HSBC UK cuts mortgage rates and re-introduces trackers

HSBC UK has made changes to its mortgage range, reducing the interest rate across a number of fixed rate mortgages and re-introducing a two-year Tracker mortgage, the bank announced today.

The bank is reducing rates on 10 mortgages across 60% to 75% LTV, with rates as low as 1.24% for a 2 year fixed rate deal at 60%, and 1.39% for a 2 year tracker, with no early repayment charge.

Changes include:

  • 2 year fixed rate at 60% LTV (£999 fee) will see a reduction of 0.05% to 1.24%. The fee saver equivalent is also reduced by 0.05% to 1.54%;
  • 5 year fixed rate at 60% LTV (£999 fee) reduced by 0.05% to 1.44% and the fee saver equivalent reduced to 1.69%;
  • 2 year Tracker mortgages re-introduced ranging from 1.39% at 60% LTV to 2.09% at 90% LTV, all with no early repayment charge.

Michelle Andrews, HSBC UK’s Head of Buying a Home, said: “The unique set of circumstances brought about by recent events has led to some significant change set alongside some important constants. One constant is to ensure we review our rates regularly and adjust them for our customers keeping them as competitive as possible”.

“We continue to be open for business, whether that is for homeowners who are approaching the end of a fixed rate and looking to remortgage or for those who are still looking for a property and able to find a workable solution during this period of lockdown”.

“We are continuing to accept and process new mortgage applications with most progressing with a desktop or automated valuation. We are also continuing to add broker partners to the list of those who can access our products and are now up to 181 broker firms, covering around 13,500 individual brokers”.

“We have also re-introduced our 2 year tracker mortgage which will be a small welcome return to normality. We will all, however, need to keep an open mind about what happens next, remaining flexible to future needs and challenges like we have recently with mortgage payment holidays and extensions to mortgage offers. Hopefully we will have light at the end of the tunnel in coming weeks”.

Media enquiries to:

Steve Gracey: steve.gracey@hsbc.com / 020 7991 4118

Email: UKPressOffice@hsbc.co.uk

For the latest news and updates, visit the HSBC UK newsroom: www.about.hsbc.co.uk/news-and-media

HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 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 Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,715bn at 31 December 2019, HSBC is one of the world’s largest banking and financial services organisations.