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.
We’ve increased our maximum mortgage term
With effect from today, Wednesday 30th August, we’ve increased our maximum mortgage term to 40 years for all new residential applications on a capital repayment basis. Any additional borrowing, either standalone or in conjunction with a remortgage can now also be taken over 40 years.
Please note, for residential applications where there is any element of interest only, the current maximum term of 25 years will continue to apply.
We have also increased the maximum term to 40 years for Buy to Let applications on both capital repayment and interest only.
Our Affordability Calculator and Broker Platform have been updated to reflect these changes, so you don’t need to input anything differently, and our Broker website will be updated shortly.
Lending into retirement reminder
As part of our responsible lending policy the maximum age is dependent on the repayment type, and subject to meeting our maximum term and lending into retirement criteria.
More information on our lending into retirement policy can be found on our website.
We’re changing our mortgage products
With effect from Friday 1st September, we’ll be making the following change to our Buy to Let (BTL) Standard Variable Rate:
- BTL Standard Variable Rate increasing from 7.35% to 7.60%.
There is no change to our Residential SVR or any other interest rates at this time.
Further information
The product finder tool and sourcing systems will be updated for Friday 1st September.
We’ve improved our Foreign National lending policy
With effect from today, Friday 1st September, we’ve made the following enhancements to our Foreign National lending policy:
EU Settlement Scheme
- EU citizens who were granted a pre-settled status under the EU Settlement Scheme will be eligible for standard lending policy. Their share code status must still be confirmed.
- EU citizens who arrived in the UK after 31st December 2020 were not eligible for the EU Settlement Scheme and the Foreign National policy should continue to be applied.
Minimum 12 months working in the UK
- Foreign national customers will no longer be required to prove they have worked in the UK for a minimum of 12 months. Standard employment policy and evidence requirements apply.
- The requirement to have lived in the UK for 12 months has not changed and must continue to be evidenced.
Our Broker website will be updated shortly to reflect the above changes.