HSBC has become the first big lender to cut mortgage rates following better than expected inflation data.
The UK’s sixth-largest bank said it was reducing the cost of residential products by as much as 0.35 percentage points, as borrowing costs for homeowners reach almost 7%.
HSBC has cut rates on about 100 of its mortgage deals, including reducing a two-year fixed-rate mortgage with 60% loan-to-value by 10 basis points to 6.14%.
