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
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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.