Reductions cover Fee Saver, Standard, High Value and Premier Exclusive products, as well as deals for energy-efficient homes with EPC ratings of A and B

HSBC UK has announced widespread mortgage rate cuts across its residential and buy-to-let (BTL) product ranges, effective from Friday.

The changes apply to first-time buyer (FTB), home mover and remortgage products, with 2- and 5-year fixed rates cut across multiple loan-to-value (LTV) tiers, ranging from 60% to 95%.

Reductions cover Fee Saver, Standard, High Value and Premier Exclusive products, as well as deals for energy-efficient homes with EPC ratings of A and B.

The cuts extend across both standard residential and cashback remortgage options.

In its buy-to-let (BTL) range, HSBC has reduced rates on both purchase and remortgage products, including Fee Saver, Standard and Premier Exclusive ranges, across LTVs from 60% to 80%.

Changes also apply to international residential and BTL products at up to 75% LTV.

Premier Exclusive rates remain available only to existing HSBC Premier current account holders.

Applications submitted without an active Premier account will default to standard product rates, with the option to amend once eligibility is confirmed.

HSBC confirmed there are no further changes to other interest rates at this time.

Nicholas Mendes, mortgage technical manager at John Charcol, said: HSBC is the latest lender joining TSB and Santander with rate reductions this week is another positive step, and probably the clearest sign yet that lender confidence is starting to come back.

What gives this move a bit more weight is that HSBC is one of the major high street lenders, he said.

When a lender of that size starts repricing, it does tend to give the wider market a nudge and adds to the sense that this could help kick start further reductions from other big names over the coming days, he said.

He added: That is especially encouraging after the volatility of the last few weeks, where lenders were far more focused on protecting margins and managing risk than competing hard on price.