Barclays has announced cuts to existing residential products aimed at first-time buyers and second movers, while HSBC has reduced rates for fixed-rate deals for residential and landlord borrowers.
Starting with Barclays, the key highlights include:
New residential
- Two-year premier fixes, with a £899 fee, at 90% loan to value, at 4.85% — minimum loan £5,000, maximum loan £570,000
- Five-year fixes, with no fee, at 60% LTV, 3.92% –minimum loan £5,000, maximum loan £2m
Residential rate
- Two-year premier fixes, with a £899 fee, at 60% LTV, down by 23bps to 3.96% — minimum loan £5,000, maximum loan £2m
- Five-year premier fixes, with a £999 product fee, at 90% LTV, down by 18bps to 4.42% — minimum loan £5,000, maximum loan £570,000
- Five-year mortgage guarantee fixes, with no fee, at 95% LTV, down by 30bps to 5.26% — minimum loan £25,000, maximum loan £570,000
Remortgage-only
- Two-year fixes, with a £999 fee, at 85% LTV, down by 50bps to 5.32% — — minimum loan £5,000, maximum loan £2m
- Five-year fixes, with a £999 product fee, at 85% LTV, down by 10bps to 4.93% — minimum loan £5,000, maximum loan £2m
HSBC says its changes for residential and landlord borrowers includes:
- Cuts of up to 16bps on two-year and five-year mortgages for both home movers and first-time buyers, with reductions of up to 25bps on buy-to-let loans.
- Five-year fix at 60% loan to value, with a £999 fee, priced at 3.83% for customers looking to remortgage.
- 70% LTV and 75% LTV five-year products, with a £999 fee, priced below 4% at 3.99%.
- Cuts in the higher LTV ranges for FTBs, offering 4.16% on 80% LTV five-year mortgages, with £350 cashback.
- New high-value mortgage range from £2m, with a £1,999 fee across its home mover, FTB and remortgage ranges at 60% LTV, 70% LTV and 75% LTV.
An HSBC UK spokesperson said: “We’re committed to providing some of the best mortgage options available and help empower customers with the financial tools needed to achieve their homeownership goals.
“That’s why from today, we’re pleased to be introducing our new high-value mortgage range, catering to customers with higher lending needs.”