HSBC aiming to help more first-time buyers with 95% ltv mortgages
HSBC for Intermediaries has launched a range of 95% loan-to-value (ltv) mortgages.
The bank is offering two, three and five-year fixed rates with free property valuations and no booking fees.
Like other lenders, HSBC uses affordability based calculations to work out how much you can borrow and assesses your monthly outgoings. It will offer a maximum of 4.49 x single or joint salaries and typically reduces the amount you can borrow if you have credit cards, loans or children.
Aaron Strutt, product director at Trinity Financial, says: “This is good news for first-time buyers and home-movers because HSBC will add more competition to this part of the market. The bank was one of the biggest mortgage providers not offering 95% ltv rates.
“If you are looking for a very low deposit rate, you are unlikely to qualify if you have recently missed payments on credit cards or loans. You will almost certainly need an excellent credit score.”
Even though the 95% ltv mortgages are competitively priced, the 90% ltv mortgages are much more attractive. If you can raise an addition 5% deposit, you will get a much better deal.
HSBC’s 95% ltv mortgages are currently available directly through brokers, and Trinity Financial has access to the rates.
Call Trinity on 020 7016 0790 to secure a first-time buyer mortgage
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