Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

HSBC, Coventry and Accord Announce Mortgage Rate Reductions

HSBC UK, Coventry for intermediaries, and Accord Mortgages have all announced reductions to their mortgage rates. The changes affect a range of residential and buy-to-let (BTL) products, with some reductions effective today and others from tomorrow.

HSBC UK has reduced rates across its mortgage products by up to 0.11 percentage points. The lender’s rate cuts apply to both residential and BTL product ranges. Notable changes include the first-time buyer two-year 60% loan-to-value (LTV) with no fee, now down by 0.07% to 4.78% with £250 cashback, increasing to £600 for energy efficient homes. The first-time buyer two-year 85% LTV has been lowered by 0.09% to 4.93% with £350 cashback, increasing to £700 for energy efficient homes. HSBC’s purchase rates have also been reduced, including the two-year at 90% LTV with no fee, cut by 0.11% to 5.06% and offering £250 cashback, increasing to £600 for energy efficient homes. The two-year Premier at 90% LTV with a fee of £999 is now 0.10% lower at 4.78%.

Remortgage rates at HSBC have been reduced by up to 0.10%. The two-year 75% LTV no fee product is now 4.89%, and the two-year 75% LTV with a £999 fee Premier product is down by 0.10% to 4.61%. BTL remortgage prices have also been lowered, including the two-year 65% LTV with a £3,999 fee, down 0.11% to 4.35%, and the two-year 60% LTV with a £1,999 fee, cut by 0.09% to 4.55% with £350 cashback for energy efficient homes.

Coventry for intermediaries has also reduced rates on residential, BTL, and limited company BTL products. The lender has lowered residential prices for new borrowers on all three-year fixed rates and all two- and five-year fixed rates, excluding 75% to 80% LTV first-time buyer exclusives. Reductions also apply to all offset, interest-only, and offset interest-only fixed purchase rates, as well as all interest-only fixed remortgage rates, excluding offset interest only prices. Existing borrowers will see reductions on all fixes, except five-year offset 65% LTV prices with no fee. All fixed BTL rates for new borrowers and all BTL and limited company BTL rates for existing borrowers have also been reduced.

Accord Mortgages is reducing rates on residential product transfer and additional loan products from tomorrow. The current range will be withdrawn tonight, with the new range available from tomorrow morning. All fixed rates will be lowered by 0.10%, while tracker rates will remain unchanged.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage trends and affordability for landlords and tenants.