See the latest announcement from HSBC below. Note that you can access HSBC via the Brilliant Solutions mortgage club but the lender does place some restrictions on access. Contact us for details.
HSBC Mortgage Product Guides are available here but check the date to ensure it has been updated to reflect the announcements below.
New Build Policy Update
We have enhanced our New Build Part Exchange policy today.
This change gives customers greater flexibility when purchasing a new-build property through a developer Part Exchange scheme and brings our approach more in line with current market practice.
What has changed?
Previously, where a developer Part Exchange arrangement was involved, customers were unable to receive any additional financial incentives from the builder.
Under the new policy:
- Part Exchange is treated as 2% of the total 5% new-build incentive allowance.
- Customers can now receive up to a further 3% in eligible financial incentives from the developer.
- The overall incentive allowance remains capped at 5%.
- Any Part Exchange overpayment above the declared valuation will be included within the incentive calculation.
What does this mean for customers?
Customers purchasing a new-build property through a developer Part Exchange scheme can now benefit from additional financial incentives, such as cashback, paid fees, gifted deposits or stamp duty contributions, while still remaining within our overall incentive limits. This provides greater flexibility and can help reduce the costs associated with moving home.