HSBC is making its buy-to-let (BTL) mortgage products available to non-HSBC customers for the first time ever as part of a recent shake-up of its BTL range.
The lender has also lowered the amount of rental cover required and providing more Loan To Value (LTV) options.
The revamped product range is available from today, 7 September, including the following rates:
– 60% LTV 2 year fixed at 2.19% with ￡1,999 fee
– 60% LTV tracker at 2.99% with ￡1,999 fee
– 75% LTV 2 year fixed at 2.79% with ￡1,999 fee
– 60% LTV 5 year fixed at 3.29% with ￡1,999 fee
Changes to HSBC’s BTL mortgage policy include:
– Opening the range to non-HSBC customers and standalone applications;
– Reducing the rental cover required to 125% from 130%;
– Increasing the maximum LTV on Buy To Let further advances to 75% from 60% LTV; and
– Assessing the Buy To Let mortgage application on rental income only.
Changes to HSBC’s Buy To Let mortgage pricing include:
– Introducing new 60% and 70% LTV products;
– A new ￡349 booking fee option; and
– Introduction of discounted booking fees for HSBC Premier and HSBC Advance customers, e.g. for customers with these accounts a ￡349 booking fee will be reduced to just ￡99.
Commenting on the changes, Tracie Pearce, head of mortgages at HSBC, said:
“We’ve sharpened our offering and expect to be able to help even more customers achieve their Buy To Let ambitions.
“The availability of Buy To Let products is now at its highest point since 2008. High rents and low interest rates mean customers are increasingly seeing Buy To Let as an attractive investment opportunity. The policy and pricing changes we have made will make our range available to even more people.”
Would like to know if there is any chance for me to obtain a mortgage on a 1million plus flat in Richmond,currently let at 2260 per mo. Only known negative factors are my age(72) and residence(Hungary).Have pension income of over 35.000 pa,plus various other properties in Hungary,all mortgage free(currently have a 250.000 mortgage on my Richmond flat).Regards,
would love to know more about your BTL products as I have previously not met the criteria but am pleased that you have now opened up the market to those who are not currently HSBC customers.