Mortgage Deals: HSBC has cut rates on 60% LTV

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HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV).

HSBC is one of the biggest mortgage lenders in the UK. Reducing rates will be welcome news to mortgage borrowers.The bank has cut rates on six products. These products include a mix of fixed and term tracker rates, with and without fees. The cuts are applicable to two and five-year deals.

Mortgage borrowers can now get an HSBC two year fixed rate deal at 1.44% fixed until 31 December 2022. This deal, available at 60% LTV, does not charge any product fees. It has also cut the rate on its two years fixed deal that charges £999 in product fees to 1.14% fixed until 31 December 2022.

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The bank has cut its fee saver rate to 1.59%, which is fixed until 31 December 2025 and has no product fees. HSBC has also cut its five-year fixed deal that charges £999 in product fees to 1.34% fixed until 31 December 2025.

All these mortgage deals come with the incentive of free valuation and, for those remortgaging, no legal fees.

Borrowers had to complete full applications by Wednesday 12 August to secure a product from the bank’s current range.

Earlier this month, HSBC reported £9bn of mortgage lending in the first half of 2020.The lender also saw mortgage applications return to pre-lockdown levels by the end of June following a sharp dip after the introduction of lockdown and social distancing measures.It is the first time since opening to the broker market in 2016 that advisers are conducting more than half of HSBC’s mortgage lending.

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