HSBC cuts mortgage rates for switching customers across two, three and five-year fixed fee as well as existing customers borrowing more.
Virgin Money to up rates and withdraw 95% 2- year fixed rate mortgage. Residential fixed rates and Product Transfer fixed rates have been increased by up to 0.60% and rates across its buy-to- let fixed rate mortgage range which will go up by up to 0.49%.
HSBC to offer free financial health checks to customers and non-customers allowing them to book a call with a financial wellbeing consultant to receive information and support on managing their finances. The company has also been offering free sessions and seminars in the workplace recognising that young professionals were more likely to feel the pinch, with nearly three quarters fearing being unable to cope financially if circumstances changed. Three quarters also said they were concerned they would not be able to handle rising costs this winter and two thirds said the rising cost of living had a direct negative impact on their standard of living.
HSBC raises mortgage rates across five-year fixes for new customers and products for existing customers switching rates as well as on its international residential and buy-to let ranges.
Mortgage Climate Action Group (MCAG) launches new website and HSBC-backed training programme. Established in April 2022, The MCAG helps intermediaries to address green issues involved in mortgage applications and consists of several member firms including Legal & General, Sesame Bankhall Group and SimplyBiz Mortgages. In support of the MCAG’s sustainability goals, HSBC has designed three training modules which explore sustainability, net zero, and how we can transition to a zero-carbon economy.
At Virgin Money we want to help build a brighter future, and we’re especially passionate about helping customers to go green. "Green Reward not only gives customers the chance to take a greener path and ultimately reduce emissions, but it can also help reduce heating bills at a time when we we’re all looking to beat the squeeze."
HSBC outlines new dawn for banks with quantum computing, digital wallets, virtualisation, automation and tokenisation underpinned by web3 – the technology on which the metaverse resides.
Virgin Money launches Green Reward programme for existing residential and buy-to- let mortgage customers. It offer customers £250cashback when they take additional borrowing, either stand-alone or as part of a Product Transfer, to make green home improvements. It also follows the launch of Virgin Money’s Greener Mortgages product in 2021 which rewards customers who buy new-build homes, which have an Energy Performance Certificate (EPC) or Predicated Energy Assessment (PEA) rating of A or B, with a lower mortgage rate.Richard Walker, head of intermediary sales at Virgin Money, said:
Virgin brings out exclusive products for purchase and remortgage which come with a £300 cashback. The lender added that it may withdraw these deal at any time without usual notice.
HSBC’s CFO Stevenson exits as profits slip in Q3. Ewen Stevenson will be stepping down from his role at the end of the year and replaced by Georges Elhedery, who has been co-CEO of global banking and markets since 2020. This news comes as the bank reported a £2bn ($2.3bn) annual decline in profit before tax to £2.73bn ($3.1bn) for Q3 2022, and a £1.5bn ($1.7bn) drop in profit after tax to £2.3bn ($2.6bn). As of 30 September, HSBC’s mortgage lending in the UK rose by £7.9bn ($9bn).
