Mortgage deals improve across the board

September 26, 2024

Improved mortgage deals and fixed rates signal a brighter outlook for those thinking about buying.

Reductions in fixed-rate mortgage rates are sweeping the market as major lenders, including HSBC, TSB, and Nationwide, all compete for prices. The reductions have been made possible by falling interest rates, driven by expected lower borrowing costs from the Bank of England, and rising confidence in the housing market.

Mortgage Rates Fall Below 5.5%

According to the latest figures from Moneyfacts, for the first time since June 2023, the average two-year fixed mortgage rate has now dipped below 5.5%, to 5.49%. Meanwhile, the average rate of five-year fixed-rate mortgages is now even lower, at 5.15%.

HSBC: Rate Reductions and Wider Loan-to-Value Options

In particular, HSBC has made significant cuts across its entire range of mortgages. The bank aims to provide value to all customers, from first-time buyers to landlord investors, including repayment and buy-to-let mortgage types.

HSBC’s residential mortgage rates have dropped as much as 0.15%, with their lowest five-year fixed rate now at 3.82%, for eligible homebuyers with a 40% deposit. HSBC’s two-year fixed rates now start from 4.14%. Moreover, those with larger and smaller deposits can explore more affordable deals, with Loan-To-Value (LTV) mortgages now ranging from 60% to 95%.

Time to Explore Mortgage Options

With the major lenders vying to offer the best mortgage deals, now would be an ideal time to assess your options. If you’re considering buying or re-mortgaging, we’d recommend consulting with an independent financial advisor, so you can explore how the latest mortgage rates apply to your circumstances.

Selling Your Property?

With mortgage benefits helping buyers move closer to their property goals, it’s a great time to take action if you’re a homeowner thinking of selling. Feel free to get in touch with your nearest branch, for a free valuation, advice, or guidance.

Sources:
Mortgages | Find A Mortgage – HSBC UK
Mortgages | Find a mortgage | Nationwide
Existing customers | Existing Customers | TSB Bank
HSBC UK cuts 20 mortgage rates and increases lending limits – About HSBC | HSBC UK
Average two year mortgage rate falls below 5.5% for first time since June 2023 | Evening Standard

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