Platform, HSBC and Coventry announce residential rate cuts

HSBC and Platform have reduced interest rates on residential mortgages up to 90% loan to value whilst Coventry for Intermediaries reduce its 10 year fixed residential rates.

Borrowers with a deposit of 10% will now be able to secure a rate of 1.99% fixed for two-years with HSBC, without a fee. The lender is also offering a three-year fix of 1.99% and two-year fix of 1.74% both at 90% LTV, and each with a fee of £999.

HSBC has also reduced its fee-free five-year fix at 90% LTV to 2.59% and £999 fee equivalent to 2.39%.

Tracie Pearce, HSBC UK’s head of retail banking, commented:

“It’s difficult to overstate the importance of first time buyers to the housing market, and of the housing market to the wider economy. That is why we are making a succession of changes to address the challenges FTBs face which will help keep the housing market moving."

At the same time, Platform has cut its two- and five-year fixed rates by up to 0.20 percentage points for new and switching customers.

The lender now offers a five-year fix at 75% LTV at 1.94%, with a £1,499 fee, as well as two-year fix at 90% LTV at 2.19% without a fee.

All deals come with £250 cashback and a free standard valuation for purchase and remortgage.

Coventry for Intermediaries has also reduced rates across its range of 10-year fixed rate residential products, which now start from 2.39% at 50% LTV.

Also available is a 65% LTV at 2.49% and both products in the range have a £999 product fee.

Kevin Purvey, director of intermediaries at Coventry, said:

“In the current climate of uncertainty, 10-year fixed products are popular with borrowers looking for a fixed mortgage payment over the longer term.

“With reduced rates, no ERCs after five years for the products at 50% and 65% LTV, and a standard valuation included up to £670, our 10-year fixed residential range is now even more attractive for brokers’ clients looking for long-term stability". 

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