HSBC has stopped all buy-to-let lending during the Covid-19 outbreak due to limitations on physical valuations.
Research by Moneyfacts has found that the Covid-19 pandemic has impacted the choice and cost of deals in the buy-to-let market over the past month.
There has been an overall fall of more than 1,300 buy-to-let products in the market compared to the start of March 2020, restricting choice for perspective landlords who were preparing to invest in this sector.
HSBC issued a statement on its website, which stated: “Following government advice, all physical valuations are currently suspended. This means we cannot currently accept any applications for a loan of more than 90% of the property value, or for a buy-to-let mortgage.”
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