Within residential lending, the reductions include fixed-rate “Fee Saver” and “Standard” products at a range of LTVs, as well as selected high-value and Premier-exclusive fixes. HSBC’s remortgage range is also being reduced, including its remortgage cashback offering and the equivalent energy efficient variants.
In buy-to-let, the high street lender is cutting rates across purchase and remortgage fixed-rate deals, including products at 60% to 80% LTV, as well as selected fee and non-fee options. International residential and international buy-to-let ranges are also included in the repricing.
Against the backdrop of the move, market analysts point to a more stable – though still fragile – funding environment. “Rising mortgage rates seem to have plateaued for now,” said Adam French (pictured right), head of consumer finance at price comparison site Moneyfacts.
“Product numbers have also been steadily improving; 809 deals have returned to the market since it hit a low of 5,856 available products on 24 March. However, this is still 973 (12.7%) fewer than before the conflict in Iran began.”
According to data from Moneyfacts, the average two‑year fixed residential mortgage rate stood at 5.89% on Thursday, same as on the previous day. The typical five‑year fixed residential rate was 5.77%, the same level as on Wednesday.