Experts expect that “others are bound to follow suit” after HSBC became the latest lender to lower mortgage rates.

There are expectations that other banks and building societies will lower their mortgage rates in the upcoming weeks, with HSBC being the most recent institution to do so. The high-street bank said that its new offerings will go live on Thursday. They will consist of a five-year agreement at 3.94% and a two-year fixed mortgage rate of 4.49%.Moreover, First Direct, an HSBC subsidiary, is scheduled to reveal mortgage rate reductions on Friday. “Our new fixed mortgage rates will see significant cuts across the board, which will be a welcomed move,” an HSBC spokeswoman stated. “Specifically, for customers wishing to remortgage, our rates will start at 3.94% for a five-year deal at 60% LTV [loan-to-value] with a £999 fee.” It follows Halifax, the biggest mortgage provider in the UK, lowering