Mortgage rates are continuing to trend downward, with HSBC UK, Landbay, and Coventry for Intermediaries all announcing fresh cuts across their product ranges today—some of them substantial.

HSBC UK has reduced rates by up to 0.25% on select mortgages. Notably, all its purchase and first-time buyer rates are now below 5%, a first since 2022.

Key changes include:

• Residential mortgage rates cut by up to 0.20%

• International mortgage rates cut by up to 0.25%

• Two-year remortgage at 60% LTV now at 3.89% for non-premier and 3.84% for premier customers (£999 fee)

• Two-year fix for residential purchase at 95% LTV starts at 4.99% (no fee)

Buy-to-let lender Landbay has also announced cuts of up to 0.25% across its non-portfolio range, with rates now starting at:

• 4.09% for a five-year fix at 75% LTV

• 4.19% for standard five-year fix at 55% LTV 

All products include a variable fee structure.

Rob Stanton, Sales and Distribution Director at Landbay, commented:

“Our recent data has demonstrated the appetite that still exists among landlords to invest in property... It’s great to be able to bring reductions to our non-portfolio range, which remains hugely popular as it answers a clear need and demand in the market.”

Coventry for Intermediaries also made targeted rate reductions, trimming up to 10 basis points on selected fixed-rate residential, buy-to-let, and limited company BTL mortgages.

New starting rates include:

• 3.96%for a two-year fix at 65% LTV (residential purchase, £999 fee)

• 4.29% for a five-year BTL remortgage at 65% LTV (£1,999 fee)

Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, said:

“We’re starting to see more rates dip below 4%, which is a positive sign for homebuyers and a welcome shift for brokers supporting them.”

With major lenders now offering sub-4% fixed deals, the mortgage market appears to be warming up, offering opportunities for both homebuyers and landlords as rate cuts ripple through the sector. 

Source: Rebekah Commane, Mortgage Strategy