By providing mortgages for those different mortgage scenarios - Home Mover, Remortgage, and First Time Buyer, HSBC UK will be able to better shape its mortgage offers and provide specific rates for each lending reason.
As part of the change, HSBC UK has also introduced selected rate discounts for existing customers whose deals are coming to an end and wish to switch to another rate with the bank. These mortgages are currently up to 0.10% cheaper than equivalent deals for new customers.
These 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%.
Key residential deals available for First Time Buyer and Home Mover customers include:
For Remortgage customers, deals include:
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“.
In addition to the above changes, rate reductions up to 0.15% on our fixed term deals have been made to the Buy-To-Let range, which are available to both Purchase and Remortgage customers.
Note to editors:
95% Loan To Value Mortgages are provided as part of the Government’s Mortgage Guarantee Scheme.
HSBC UK serves around 15 million customers across the UK, supported by 26,000 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 HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.