HSBC and Bank of Ireland announce rate cuts as ‘Sonia SWAPS continue to head south’

Elliott Culley, director at Switch Mortgage Finance said, “Rate reductions will grab the headlines, but looking into the finer detail, increases to HSBC’s lower deposit options is disappointing to see.

“First-time buyers are the lifeblood of the mortgage market and keep the wheels turning. There have been a couple of lenders who have taken this decision recently to increase at higher LTV’s, which is a shame to see when we are at such a pivotal part of the year.”

Simon Bridgland, director at Release Freedom said, “HSBC have shot out of the starting blocks with a decrease in all but 90% and 95% loan-to-value products.

“Rates won’t be released until the starting pistol has fired in the morning, so let’s hope we don’t have a false start.

“Meanwhile, Bank of Ireland wait nervously to see if they have done enough to secure their place in the buy to let final, as things are likely to hot up with more lenders expected to show what they’re made of.”

Darryl Dhoffer, mortgage broker at The Mortgage Expert said, “Sonia SWAPS continue to head south and that’s likely feeding into these rate reductions from HSBC and the Bank of Ireland.

“We won’t find out HSBC’s rates until tomorrow but fingers crossed it’s a lottery win. Ultimately, though, every cut counts when it comes to mortgages so we’re heading in the right direction. It’s shaping up to be an unseasonally busy August.”