HSBC has cut selected residential and landlord fixed-rate loans by up to 45 basis points, while lifting remortgage offers by up to 40bps, as swap rates rise.
Highlights of the high street bank’s changes include:
Residential purchase/home mover
Residential remortgage
First-time buyer residential
Buy to let
The move comes as swap rates have risen in recent weeks, even though the Bank of England’s Monetary Policy Committee kept rates at a 16-year high of 5.25% for its fourth meeting in a row last week.
A two-year Sonia swap was 4.323% on 2 February, up from 4.180% on 5 January, according to Chatham Financial. Five-year rates have risen to 3.744% from 3.590% over the same period.
An HSBC spokesperson says: “There are a number of factors that are taken into account when setting mortgage rates.
“Over recent months we have continually reduced hundreds of mortgage rates, in addition to cutting the rates on over 50 residential mortgages by up to 35bps today. We have also cut dozens of BTL rates today by up to 45bps.”
“However, there have also been increases this week to residential mortgages.
“We continue to keep our rates under review and we are pleased to have maintained our sub 4% offers on our residential ranges.”
Yesterday, Halifax cut fixed-rate prices on first-time buyer offers by up to 59 basis points, while lifting remortgage and product transfer deals by up to 12bps.
