Starting from April 18th, 2023, HSBC UK is giving away £300 cashback for customers who select either a 2-year or 5-year fixed-rate plan ranging from 60% to 90% Loan to Value. Whether you make the application directly or through mortgage brokers.
What customers can expect
Remortgage customers can choose to use HSBC UK’s complimentary legal services or select their own conveyancers and receive a £300 cashback bonus as reimbursement for any related costs.
To assist first-time buyers, HSBC has announced a decrease of up to 0.25% on HBSC mortgage rates across different LTV ranges which will apply to all 2-year and 5-year fixed-rate plans for both home purchases and new homeowners, as well as select 3 year fixed rate options.
Home movers can expect:
- 3-year fixed rate, 60% to 75% LTV (no fee), each reduced by 0.20%, dropping to 4.39% and 4.44% respectively. The £999 fee option has been lowered by 0.09%, now at 4.19% and 4.24% respectively;
For existing customers:
- 3-year fixed rate, 80% LTV (£999 fee) reduced by 0.25% to 4.19%
For remortgagers:
- 5-year fixed rate, 60% LTV reduced by 0.09% to 3.84%, with the Feesaver option down 0.04% to 3.99%
HSBC Comments
HSBC UK understands that some of their customers would rather choose their own solicitor for their mortgage-related legal work, so they have extended the cashback offer to that remortgaging. This allows them to pick a mortgage product with either free legal services or £300 cashback should they go for an external conveyancer. Andrew Matson, HSBC UK’s head of buying a home stated: “We appreciate having this option available and trust our customers will make good use of it”.
Matson also highlighted the ongoing reduction in borrowing costs of up to 0.25% for those looking to enter or progress in the property market, which is particularly welcome amidst rising living costs.
YesCanDo Comments
Buying a home or remortgaging can be very expensive with all the costs involved. Therefore any incentives for new and existing customers that help reduce costs relating to getting a mortgage are great news. HSBC has released a £300 cashback incentive which will allow customers the freedom to use their own solicitor for conveyancing. Using your own conveyancer can help speed the process up which can be really useful if speed is of the essence.
At YesCanDo we understand the importance of fee-saver mortgages as well as getting the lowest fixed-rate mortgage possible. Getting the lowest monthly mortgage payments possible is essential and that is why YesCanDo search the whole market to get the very best interest rates and deals.
