HSBC UK is increasing selected fixed mortgage rates from Tuesday 20 October, affecting existing residential customers, buy-to-let borrowers and international mortgage products.
The changes cover two, three and five-year fixed rates across the lender’s residential product switching and additional borrowing ranges, including Fee Saver, Standard and Premier Exclusive products.
HSBC is also raising selected two and five-year fixed rates for existing buy-to-let customers, alongside three-year fixed rates in its international residential and remortgage ranges.
The lender has not disclosed the size of the increases or the revised interest rates in its intermediary notification.
RESIDENTIAL RATE CHANGES
For existing residential customers switching products, the increases affect two, three and five-year Fee Saver mortgages at loan-to-value (LTV) ratios from 60% to 95%.
Standard two-year fixed rates will increase at 60%, 70%, 75%, 80% and 85% LTV, while three and five-year Standard products will be affected at LTVs of up to 90%.
Premier Exclusive two-year fixed rates will rise at LTVs between 60% and 85%, with five-year equivalents affected up to 90% LTV.
For existing customers borrowing more, HSBC is increasing two, three and five-year Fee Saver rates at LTVs ranging from 60% to 90%.
Standard two-year fixed rates will rise at up to 85% LTV, while three and five-year Standard rates will increase up to 90% LTV. The same Premier Exclusive LTV bands affected by the product switching changes will also apply to additional borrowing.
BUY-TO-LET AND INTERNATIONAL MORTGAGES
HSBC’s buy-to-let increases apply to existing customer product switching and additional borrowing, with two and five-year fixed rates affected at 60%, 65% and 75% LTV.
The changes cover Fee Saver and Standard products, together with Premier Exclusive Fee Saver and Premier Exclusive Standard mortgages.
In its international residential and remortgage ranges, the lender is increasing three-year fixed Fee Saver and Standard rates at 60%, 70% and 75% LTV.
HSBC confirmed that all other mortgage interest rates remain unchanged.
APPLICATION DEADLINE
Brokers wishing to secure existing product codes must submit applications in full by midnight on Monday 19 October. All supporting and evidential documentation must be provided within 30 calendar days of submission.
HSBC’s product finder and mortgage sourcing systems will be updated to reflect the new pricing on 20 October.
The lender also reminded intermediaries that Premier mortgage rates are available only to existing HSBC Premier current account holders.
Where a customer does not hold the necessary account before submitting an application, a Standard range product must initially be selected. Once the Premier account has been opened, brokers can request a preferential rate using an application amendment form or HSBC’s intermediary chat service.
