HSBC re-enters buy-to-let market with new mortgage ra...

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.”

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.

Andrew townshend
15 June 2020 15:32 PM

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
15 June 2020 20:37 PM

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.