HSBC and Gen H announce cuts across ranges – Mortgage Strategy

HSBC has confirmed rate cuts from 3 December across its residential and Buy to Let (BTL) mortgage product ranges.

The lender is cutting rates on two-year, three-year, and five-year fixed products across multiple loan-to-value (LTV) tiers. These include popular Fee Saver and Standard products for existing residential customers switching or borrowing more, as well as tailored offerings for energy-efficient homes (A & B EPC-rated properties).

Borrowers in the BTL and international markets are also benefitting, with reductions on products such as the two-year Fixed Fee Saver at 60% LTV and three-year Fixed Fee Saver for international residential customers at 70% and 75% LTV.

Commenting on the latest rate changes, John Charcol mortgage technical manager Nick Mendes: said: “Following Barclays’ recent move, HSBC’s adjustments reflect a steadier market, with swap rates stabilising and holding lower in recent days. These reductions, spanning first-time buyers, home movers, remortgages, and even energy-efficient properties, are a positive step for those looking to secure a better deal.”

He added: “For borrowers, this is an encouraging development to start December. Whether you’re locking in a fixed deal for a new home, borrowing more, or securing a better rate for an energy-efficient property, these reductions are well-timed. That said, it’s still early days to call this a “price war,” as not all lenders have moved in unison. The stability in swaps has simply given lenders like HSBC the room to adjust.

Gen H has also announced rate reductions – effective from 5pm on 2 December.

Highlights include 95% LTV rates reducing by 15-25 bps; 90% LTV rates reducing by 10 -15 bps and 85% LTV rates reducing by 10-15 bps

The lender has focused its cuts on high-LTV rates to support first-time buyers and others who are more likely to have smaller deposits.

Commenting on the cuts Gen H chief commercial officer Pete Dockar said: “There’s no better way to begin the festive season than with a selection of rate reductions – it’s our gift to our brokers and their clients. I’m pleased to see other lenders also making moves in a positive direction.”