x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
    
newsletter-button

TODAY'S OTHER NEWS

HSBC re-enters buy-to-let market with new mortgage range

HSBC has started offering buy-to-let mortgages once again after clearing a backlog of physical property valuations across England and Scotland.

The bank stopped all buy-to-let lending during the Covid-19 outbreak due to limitations on physical valuations.

But with physical valuations now once again possible, HSBC has decided to make buy-to-let mortgages available again to landlords through online or telephone applications direct from the bank. 

HSBC has also confirmed it will resume physical valuations in Northern Ireland from today, as well as in Wales when lockdown rules ease.

Michelle Andrews, HSBC UK’s head of buying a home, commented: “The restrictions on the movement of people and access to property meant that we had to change the way we approached the valuation of properties, an essential part of the home buying process, to ensure we are providing responsible lending.

“Where we could we expanded our use of desktop and automated valuations, so mortgage applications could continue.”

Andrews added: “In some cases, like higher LTV applications and buy-to-let mortgages it is an essential part of the process, so unfortunately those applications had to be paused.

“I am pleased to say that we have now, with the help of our corporate valuations partners, addressed our backlog of physical valuations in England and Scotland and those mortgages that were on hold are progressing, taking those buying a home one step closer to a potentially dream move.

“Plus, as we are now in a position where we can satisfy our requirement for a physical valuation in a safe compliant way, we are also able to provide buy-to-let mortgages again for landlords.

“We have shown we can work with our valuers at pace when physical valuations become possible, with appointments already in the diary in Northern Ireland for Monday.

“We are looking forward to being able to progress with physical valuations in Wales as soon as the lockdown rules ease.”

Poll: Is now a good time to take out a BTL mortgage?

PLACE YOUR VOTE BELOW

  • icon

    However cheap BTL mortgages get, landlords are now the hate target of every government and local council department out there, financially your easy pickings.
    No organization likes you, and you have no backup help with any association that has teeth and guts to speak up for you in parliament.
    Tenants have all the rights now, and your house is effective theirs as soon as the tenancy agreement is signed, god help you getting shut if you get a non-paying, nightmare tenant in your mortgaged property.
    Only huge developments will be given any help tax and finance wise, they want all small and accidental landlords hounded out and the big boys taking over.
    Landlords are balling out by the thousands.
    BTL as a viable investment opportunity is now dead and gone, look elsewhere.
    There are many more good and much less risky investment opportunities out there, that or loses your shirt!

    icon

    I don't agree John, BTL still works when it is done properly, the '' flash with no cash '' element who have high borrowings may well lose their shirts, the more government and councils put in our way the more rents increase, it's the end user that pays, isn't that true of any business.

     
    Daniela Provvedi

    Hi John, you say there are "many more good and much less risky investment opportunities out there" - really?? Like what for example?

    I agree with Andrew, BTL does still work when done properly.

     
  • icon

    Investing in the stock market gives tax fee dividends of £2000 and gains of £11000 or so per annum but I prefer property instead of trusting the red braces brigade.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up