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Mortgage Introducer - HSBC becomes first high street lender to slash mortgage rates   Green Tick

  (25/07/2023) HSBC, Mortgage Introducer

HSBC has announced rate cuts on its residential fixed rate products, becoming the first high street lender to do so, as swap rates continue to head on a downward trajectory. From tomorrow, July 26, certain two-, three-, and five-year fixed fee saver, fixed standard, premier exclusive, and tracker standard products at up to 90% loan-to-values (LTV) on the lender’s residential first-time buyer and home mover products, residential remortgage, and international residential purchase ranges will have their rates decreased. Meanwhile, Accord Mortgages has also announced reductions of as much as 0.45% on its residential fixed rates, also taking effect from tomorrow. Financial Advisers React: https://www.mpamag.com/uk/news/general/hsbc-becomes-first-high-street-lender-to-slash-mortgage-rates/453884

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Daily Mail - Yet more mortgage misery for Brits as HSBC hikes rates for the second time in a week   Green Tick

  (14/06/2023) HSBC, Daily Mail

Britain's mortgage woe deepened today as HSBC revealed it would withdraw more deals from the market and financial experts warned further pain is on the way. The bank said it was pulling deals for the second time in less than a week, with all new business residential mortgages being removed their broker services at 5pm today 'in order to maintain our service levels', before its rates rise again tomorrow. It comes after HSBC temporarily withdrew all residential and buy-to-let new business mortgage deals via brokers last Friday to stay 'within our operational capacity'. Mortgage holders are facing ever-higher repayment costs amid concerns the Bank of England will raise interest rates again on June 22 to help keep inflation under control. See the experts view: https://www.thisismoney.co.uk/money/article-12193577/Mortgage-rates-fall-experts-predict-period-calm.html

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Evening Standard - Mortgage rate rises branded March madness by brokers as banks hike home loan costs   Green Tick

  (22/02/2024) HSBC, The Standard Newspaper

HSBC among the lenders lifting the cost of home loans the day after it reported record annual profit. House hunters and mortgage brokers have reacted angrily to news that a string of big-name lenders are hiking the cost of home loans, even with Bank of England base rates expected to fall later this year. The moves from the likes of HSBC, Santander and TSB have been described as a “handbrake turn” and “March madness” for hard-hit consumers, already struggling with the cost-of-living crisis and an economy that has tipped into recession. Experts discuss: https://www.standard.co.uk/business/mortgage-rate-rises-branded-march-madness-by-brokers-as-banks-hike-home-loan-costs-b1140877.html

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The Intermediary - Lenders “throwing borrowers under the bus” despite reporting bumper profits, say brokers   Green Tick

  (28/02/2024) HSBC, The Intermediary

Lenders “throwing borrowers under the bus” despite reporting bumper profits, say brokers. Despite posting bumper profits, a recent trend that has seen lenders remove products and reprice at short notice, has led some brokers to criticise institutions for “throwing borrowers under the bus.” Newspage asked brokers if the practice of lenders pulling products with minimal notice was aligned with the principles of Consumer Duty. Reaction: https://theintermediary.co.uk/2024/02/lenders-throwing-borrowers-under-the-bus-despite-reporting-bumper-profits-say-brokers/#:~:text=Lenders%20%E2%80%9Cthrowing%20borrowers%20under%20the,reporting%20bumper%20profits%2C%20say%20brokers&text=Despite%20posting%20bumper%20profits%2C%20a,throwing%20borrowers%20under%20the%20bus.%E2%80%9D

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The Guardian - How to survive UK mortgage turmoil as rates go up and deals are pulled   Green Tick

  (11/03/2024) HSBC, The Guardian

How to survive UK mortgage turmoil as rates go up and deals are pulled Homebuyers have to try to navigate their way to an affordable deal with no help in the budget to ease the pain. The average mortgage rate that UK homeowners are paying is set to rise steadily over the next three years, and peak at 4.2% in 2027, according to an official prediction last week. The Office for Budget Responsibility (OBR), the Treasury’s tax and spending watchdog, says this is significantly higher than the 2% figure just over two years ago. It is the latest frustrating news for homeowners, and would-be first-time buyers, following chancellor Jeremy Hunt’s budget, which offered no relief for most – there was not a single mention of the word “mortgage” in either his speech or the main budget document.was not a single mention of the word “mortgage” in either his speech or the main budget document. The OBR forecast coincided with a string of lenders, including Barclays and HSBC, increasing rates on many new products or pulling deals. Experts Discuss: https://www.theguardian.com/money/2024/mar/11/how-to-survive-mortgage-turmoil-as-rates-go-up-and-deals-are-pulled

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