HSBC Reduces Rates on Mortgage Offerings
In a bid to remain competitive in the market, UK lenders HSBC, TSB, and Virgin Money have announced significant cuts to their mortgage interest rates. This move comes as the mortgage market experiences increased activity and financial institutions compete for customers with attractive deals.
HSBC has revealed its plan to lower rates on various mortgage offerings, starting from tomorrow. As part of these changes, HSBC’s Premier exclusive offerings will also see rate decreases, aiming to provide more affordable remortgage opportunities to homeowners.
TSB Joins with Reduced Mortgage Interest Rates
Following suit, TSB has announced that it will reduce mortgage interest rates by up to 0.85%. These rate reductions will impact purchase agreements, including affordable housing contracts, starting from tomorrow. House purchase agreements with a Loan-to-Value (LTV) ratio up to 85% will experience cuts of up to 0.3%, while higher LTV ratios will see smaller reductions. Remortgage agreements across two-, three-, and five-year terms can expect an approximate 0.3% drop in rates.
Virgin Money Launches Mortgage Products with Significant Rate Cuts
In line with the trend, Virgin Money has also joined in by introducing new mortgage products with substantial rate cuts for both landlords and residential buyers. The lender’s portfolio now includes remortgages priced over £1 million at a two-year fixed rate of 5.40% or a five-year fixed rate of 4.95%, each carrying a fee of £1,995. For purchase mortgages, Virgin Money offers two-year fixes starting at 4.97% and five-year fixes starting at 4.53%, with fees starting at £1,295 plus £500 cashback for specific LTVs ranging from 65% to 75%. Additionally, Virgin Money’s fee-saver mortgages feature £300 cashback with competitive rates like the two-year fix at 5.33%.
By reducing their mortgage interest rates, these lenders are aiming to attract more customers and stay competitive in the current market. Homeowners and prospective buyers can take advantage of these rate cuts to secure more affordable mortgage options.