HSBC UK has cut rates on all its mortgage products, with rate cuts of up to 0.11 percentage points taking effect today.
The lender announced this yesterday it had planned large-scale rate cuts across both its residential and buy-to-let (BTL) product ranges.
Highlights of the rate cuts include the two-year 60% Loan-to-Value (LTV) at no cost to the first buyer, down 0.07% to 4.78% with £250 cashback, rising to £600 for energy efficient homes, and the FTB two-year 85% LTV, which has been reduced by 0.09% to 4.93% with £350 cashback, rising to £700 for energy efficient homes.
HSBC purchase rates have also been reduced. The two-year 90% no-fee LTV has been reduced by 0.11% to 5.06% and comes with £250 cashback, rising to £600 for energy efficient homes, as has the two-year 90% LTV with £999 fee, which is 0.10% lower at 4.78%.
Mortgage rates have been reduced by up to 0.10%, including the two-year 75% LTV fee-free product, which has been reduced to 4.89%, and the two-year 75% LTV with a £999 fee Premier product, which has fallen by 0.10% to 4.61%.
In addition, prices for BTL remortgages have been reduced. In this range is the two-year LTV of 65% with a fee of £3,999, which is down from 0.11% to 4.35%.
The two-year 60% LTV with a £1,999 fee has been reduced by 0.09% to 4.55% and comes with £350 cashback for energy efficient homes.
Elsewhere, Coventry has also reduced intermediary rates on residential, BTL and BTL limited liability products.
The lender has reduced home prices for new borrowers on all three-year fixed rates and all two- and five-year fixed rates (excluding 75% to 80% LTV FTB excluding).
It has also reduced all offset, interest-only and offset interest-only fixed purchase rates, as well as all interest-only fixed remortgage rates (excluding offset interest rates).
For existing borrowers, rates will be reduced on all fixes, with the exception of five-year offset 65% LTV pricing at no cost.
Coventry has also reduced all fixed BTL rates for new borrowers and all BTL and BTL rates for existing borrowers.
Meanwhile, Accord Mortgages will reduce rates on residential transfers and additional loan products from tomorrow.
The current range will be withdrawn tonight and the new range will be available from tomorrow morning.
As part of the repricing, all fixed interest rates will be reduced by 0.10%, but tracker rates will remain the same.