HSBC and Santander bring back sub-4% fixed rate mortgages (again)
HSBC for Intermediaries and Santander for Intermediaries have reintroduced some sub-4% fixes as the mortgage rate merry-go-round continues.
HSBC has improved rates on almost all mortgages in its product range, which is quite something, seeing as the bank has a 40-page rate guide. Prices are down by up to 0.24% for new customers buying a home and existing HSBC customers switching deals. Fixed rates have also reduced by up to 0.10% on residential remortgages and 0.17% across HSBC's buy-to-let range.
As part of the changes, HSBC has relaunched a new sub-4% five-year fixed rate for higher-earning Premier customers with a 40% deposit. The remortgage product has a £999 fee and a maximum loan of £2 million.
HSBC has followed other lenders, including Santander, which is reducing rates across its mortgage products and reintroducing sub-4% fixes on its home mover offering.
On Thursday, 17 April, Santander is bringing back sub-4 % fixed rates for home movers from just over 3.95% for a two-year fix and 3.99% for a three-year fix, both for borrowers with a 40% deposit.
Santander is improving most standard first-time buyer (FTB) fixed rates by up to 0.17% and home mover fixed rates by up to 0.13%. The lender now charges different rates for first-time buyers and home movers.
Santander's remortgage two-year fixed rates are reducing by up to 0.18%, and some five-year fixed rates are reducing by up to 0.12%. Plus, the bank is reducing all new-build FTB fixed rates by up to 0.21% and some new-build home mover fixed rates by up to 0.09%.
Aaron Strutt, product director at Trinity Financial, says: "Banks and building societies seem to be dipping in and out of the sub-4% mortgage market. A few weeks ago, all of the sub-4% rates were pulled, and now we have a selection of lenders offering them again. This shows how much the market is fluctuating at the moment.
"Official data shows the latest inflation figure is 2.6%, down from 2.8% in February. However, inflation is still predicted to increase, potentially meaning the Bank of England’s monetary policy committee will hold off on lowering the base rate early next month."
Call Trinity Financial on 020 7016 0790 to secure a sub-4% mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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