Cheaper mortgage payments for some homeowners after HSBC cuts rate

Yorkshire Post

HSBC UK has reduced its standard variable rate (SVR) on homeowner mortgages. The move will mean lower monthly payments for homeowners who have moved from a fixed rate and chosen not to take another mortgage product with the bank. The rate has been reduced by 0.25 percentage points, from 6.99% to 6.74% – the bank’s lowest SVR since January 2023. #hsbc

Transcript

00:00Hello, my name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

00:06HSBC UK has reduced its standard variable rate on homeowner mortgages.

00:11The move will mean lower monthly payments for homeowners who have moved from a fixed rate

00:16and chosen not to take another mortgage product with the bank.

00:20The rate has been reduced by 0.25 percentage points, from 6.99% to 6.74%,

00:28the bank's lowest SVR since January 2023.

00:32The move follows the recent quarter point cut in the Bank of England base rate to 4.5%.

00:39My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

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