EXCLUSIVE: HSBC UK expands cashback proposition

According to the lender, from today, £300 cashback will be available for those looking to remortgage to the bank on a two or five-year fixed rate deal from 60% to 90% LTV, whether they apply through a broker or directly to the bank.

As a result, remortgage customers can either use the bank's own free legals or have the option to choose their own conveyancers and receive £300 cashback to support the cost of doing this. 

Additionally, the lender has also announced that it is reducing mortgage rates by up to 0.25% across its range of LTVs, with all two and five-year fixed rates for first-time buyers and home purchases reducing, in addition to a selection of three-year fixed rate deals.

For home movers, three-year fixed rates have reduced by 0.20% to 4.39% at 60% LTV and to 4.44% at 75% LTV with no fee. £999 fee equivalent products have reduced by 0.09% to 4.19% and 4.24% respectively.

For existing customers, a three-year fixed rate at 80% LTV with a £999 fee has reduced by 0.25% to 4.19%.

For remortgagers, a five-year fix at 60% LTV is down 0.09% to 3.84%, with the fee-free equivalent down 0.04% to 3.99%.

Andrew Matson, HSBC UK’s interim head of buying a home, said: “We know that some customers prefer to select their own solicitor to carry out the legal work for their mortgage and value having that choice. We are extending the availability of our Cashback offer to include those who are remortgaging. From today those who are remortgaging will be able to choose a product with free legals included, or £300 cashback if they want to choose their own conveyancer.

“Additional good news is that we are continuing to bring down the cost of borrowing by up to 0.25% for those looking to get onto or move up the property ladder, which will be welcome at this time when there is an increased cost of living.”