HSBC overhauls buy-to-let mortgage range
HSBC has started offering buy-to-let mortgages to non-HSBC customers for the first-time. The bank previously limited many of its buy-to-let rates to wealthier current account holders.
The lender used to work out the size of the mortgage they would offer for some landlords by assessing the rental income the property generates and the applicant’s personal salary, but they have made changes to their calculations. According to reports they will now simply use the rental income in order to generate a maximum loan.
Aaron Strutt, product manager at Trinity Financial, says: “It's good to have another major bank offering buy-to-let mortgages more widely and it should make the market even more competitive.
“Many of the lenders are offering incredibly cheap fixed rates and tracker rates at the moment. Arrangement fees are more sensibly priced and there is a huge choice of lenders offering buy-to-let mortgages.
“NatWest, The Mortgage Works, Santander and HSBC are all offering fantastically low rates and it seems like buy-to-let mortgages are getting even better for value money despite some residential rates increasing.”
High rents and low rates mean customers are seeing buy-to-let as an attractive investment opportunity. Latest figures show the available of buy-to-let mortgages is at the highest point since 2008.
For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.
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