HSBC is cutting mortgage rates across the board from tomorrow, June 26th, offering some relief to both new and existing borrowers.

This good news comes after months of rising mortgage costs and means cheaper deals for those looking to buy a home or remortgage.

Here’s a breakdown of the changes:

Residential Mortgages:

• Fixed-rate deals: Whether you’re looking for a 2, 3 or 5-year fix, HSBC has cut rates across the board. This applies to all types of residential mortgages, including those for first-time buyers, home movers, and those remortgaging.
• Loan-to-value (LTV) ratios: The rate cuts apply to a wide range of LTVs, meaning even those with smaller deposits can benefit.
• Energy-efficient homes: Even bigger discounts are available for buyers of energy-efficient properties with an Energy Performance Certificate (EPC) rating of A or B.

Buy-to-Let Mortgages:

• Landlords also benefit: HSBC has cut rates on a range of its buy-to-let mortgages, including 2-year and 5-year fixes.
• Cheaper deals for all: Rate reductions apply to those purchasing a new rental property, switching to a new deal, or remortgaging an existing property.

Why the change?

According to experts, recent market stability has given lenders more confidence to reduce rates.

Nicholas Mendes, mortgage expert at John Charcol, explains: “This latest reprice from HSBC is certainly going to spur on the market. The timings of competitor repricing similar to earlier in the year will likely be from next week, considering the forthcoming announcements.”

What does this mean for you?

This is great news for borrowers who have been struggling with rising mortgage costs. If you’re looking to buy a home or remortgage, now is a good time to compare deals and see what’s on offer.

Don’t delay! With further rate cuts expected from other lenders soon, the competition for the best deals will be fierce.