HSBC cuts mortgage rates, some fixed deals now below 5%
HSBC announced it would cut mortgage rates from Thursday 15 October after weeks of rises by major lenders. Brokers welcomed the move but said it does not show the market has stabilised.
1 / 2
The story, neutrally told
Left · 1HSBC announced on Wednesday 14 October that it would cut its mortgage rates from Thursday 15 October, with the actual rates to be published that day. Daily MirrorL “It has announced that it is set to cut its mortgage rates from Thursday in a "welcome move" for borrowers.” Read at Daily Mirror ↗ Left · 1Before the cut HSBC offered a two-year fix at 5.01% and a five-year fix at 5.03%, and brokers told Newspage some of its fixed deals could fall below 5%. Daily MirrorL “HSBC currently offers a two-year fix at 5.01% and a five-year fix at 5.03%.” Read at Daily Mirror ↗ Right · 1The Daily Mail reported on Thursday that HSBC had lowered its rates by up to 0.19 percentage points, taking some below 5%, after several weeks of rises by most major lenders. Daily MailR “The bank has lowered its rates by up to 0.19 percentage point, taking some of them below the 5 per cent mark.” Read at Daily Mail ↗
Right · 1HSBC's cheapest two-year fix is now 4.99% for remortgagers with at least 40% equity, with a £999 fee. The Mail said that on a £200,000 mortgage over 25 years this would cost £1,168 a month. For buyers with a 20% deposit, HSBC offers a 5.19% two-year fix with a £999 fee and £250 cashback. Daily MailR “HSBC's cheapest two-year fix is now at 4.99 per cent for anyone remortgaging with at least 40 per cent equity.”“For those buying with at least a 20 per cent deposit, HSBC is offering a two-year fix at 5.19 per cent with a £999 fee and £250 cashback” Read at Daily Mail ↗ Right · 1Sub-5% rates had almost disappeared, with only nine on the market in early October according to Moneyfacts, and they are available only to those with deposits or equity of 40% or more. Average fixed rates are just under 6%. Daily MailR “only nine left on the market in early October according to Moneyfacts.”“Average fixed rate mortgages are hovering just shy of 6 per cent” Read at Daily Mail ↗ Mixed · 2Brokers quoted by both outlets, including Justin Moy of EHF Mortgages, said the market had plateaued at about 1 percentage point above a few months earlier, and that HSBC's move could encourage other lenders to follow. Daily MirrorL “The market feels like it has plateaued over the last week or so, still around 1% more than we were just a few months ago” Read at Daily Mirror ↗ Daily MailR “to see HSBC move will encourage other lenders to follow over the coming days.” Read at Daily Mail ↗
Left · 1Experts cautioned that one cut does not mean the market has stabilised. Tracey Dixon of Pure Mortgage and Protection said so, and Michelle Lawson of Lawson Financial said swap and gilt rates were still rising. Daily MirrorL “One lender’s reduction doesn’t confirm the market has stabilised, although it’s an encouraging sign.”“Swaps and Gilt rates are still increasing and the market is still volatile so the storm isn't subsiding yet.” Read at Daily Mirror ↗ Mixed · 2Aaron Strutt of Trinity Financial said talk of base rate rises and the war in Iran dragging on made large falls in fixed rates unlikely, though many rates remain well below 6%. Daily MirrorL “With so much talk of base rate rises and the war in Iran dragging on it seems unlikely fixed rates will get a huge amount cheaper” Read at Daily Mirror ↗ Daily MailR “Thankfully there are lots of rates to choose from well below 6 per cent.” Read at Daily Mail ↗ Right · 1The Mail said most borrowers could get below 4% at the start of the year. It said the Bank of England held the base rate at 3.75% in September, its sixth consecutive hold since December 2025, and a rise is now anticipated because Middle East hostilities have raised energy costs and inflation fears. Daily MailR “While the Bank of England held base rate at 3.75 per cent in September, the sixth consecutive hold since December 2025, it is now anticipated that it will raise interest rates.” Read at Daily Mail ↗
Right · 1The Mail noted that it is not entirely clear why HSBC cut its rates. It also listed rival deals, including Yorkshire Building Society at 4.83% (two-year) and Santander at 4.92% (two-year), for buyers with a 40% deposit. Daily MailR “It is not entirely clear why HSBC has cut its rates today.”“Santander has a 4.92 per cent two-year fix and a 4.93 per cent five-year deal” Read at Daily Mail ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left1 outlet
- Framing
- Pre-announcement piece led by broker reaction, presenting the cut as a 'welcome move' while stressing caution.
- Emphasis
- Quotes from six regional brokers and advisers; relief for borrowers nearing the end of fixed deals; caveats on swap rates and gilt yields.
- Leaves out or plays down
- No actual new rates, fees or eligibility limits; no base rate context.
- Charged language
- “welcome move”“The champagne can stay in the fridge until tomorrow”
- For example
-
“It has announced that it is set to cut its mortgage rates from Thursday in a "welcome move" for borrowers.” — Daily Mirror
Centre0 outlets
No centre outlet in our sources has covered this story yet.
Right1 outlet
- Framing
- Consumer-finance explainer reporting the actual cuts, framed around whether cheaper deals are coming.
- Emphasis
- Specific rates, fees, monthly costs, the 40% equity requirement, rival deals and the base rate and Iran context.
- Leaves out or plays down
- Less of the brokers' guarded reaction; says the reason for the cut is unclear.
- Charged language
- “following weeks of rises”
- For example
-
“However, sub-5 per cent rates are currently only available to those with large deposits or equity of 40 per cent or more.” — Daily Mail
What every side reports
- HSBC is cutting mortgage rates from Thursday 15 October.
- Brokers expect the move could encourage other lenders to follow.
- Fixed rates remain well above their levels of a few months ago, and the Iran conflict and base rate expectations limit how far they may fall.
HSBC organisation
HSBC announced the cut; in the coverage it is not quoted, and the Mail says its reasons are unclear.
“It is not entirely clear why HSBC has cut its rates today.” — Daily Mail
Left1 article
-
HSBC cuts cost for customers 'from Thursday' in 'welcome move'
Sympathetic Broker-quote-driven news item welcoming the cut with caveats about market volatility.
Centre0 articles
No coverage yet.
Right1 article
-
HSBC cuts mortgage rates following weeks of rises: Are there cheaper deals to come?
Neutral Detailed explainer on the new rates and the wider rate outlook, noting the limits of sub-5% deals.
- 14 Oct 11:09 First Daily MirrorL HSBC cuts cost for customers 'from Thursday' in 'welcome move'
- 15 Oct 15:23 +28h 13m Daily MailR HSBC cuts mortgage rates following weeks of rises: Are there cheaper deals to come?
Times are when each article was published, or when we first saw it if the outlet gave no time.
Ask about this story
Loading…