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HSBC re-enters buy to let and clears valuation backlog

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  • 12/06/2020
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HSBC re-enters buy to let and clears valuation backlog
HSBC has brought back buy-to-let mortgages after completing its physical valuation backlog in England and Scotland.

 

The lender said going forward valuations should be completed within four days of an application being received.

Physical valuations will restart in Northern Ireland on Monday and will be ready to go when lockdown restrictions ease in Wales.

Buy-to-let mortgages are now available direct to landlords through online or telephone applications. The lender offered buy to let direct to customers before the coronavirus outbreak.

Lending is available at up to 75 per cent loan to value (LTV).

The range includes a two-year fixed rate at 60 per cent LTV of 2.19 per cent and a five-year fixed rate of 3.09 per cent at 75 per cent LTV, both with a £349 fee.

HSBC UK head of buying a home Michelle Andrews said: “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.

“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.”

 

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