Property & Mortgages

HSBC puts temporary stop on accepting new BTL mortgage applications during Covid-19 pandemic

hsbc

The bank says it’s unable to accept any new buy to let mortgage applications during the Coronavirus crisis

HSBC has put a temporary stop on accepting BTL mortgage applications.

The bank says it’s unable to accept any new buy to let mortgage applications during the Coronavirus crisis.

The same applies to applications for 90 per cent Loan To Value mortgages, and for mortgages on new-builds.

Following government advice, all physical valuations are currently suspended, says the bank on its website.

This means we cannot currently accept any applications for a loan of more than 90 per cent of the property value, or for a buy-to-let mortgage. Any applications for new-build properties will be on hold until a physical valuation can take place, it says.

Michelle Andrews, HSBC UK’s head of buying a home, says: We’ll look to make the most of technology and utilise desktop and automated property valuations where we can, and where this is not possible due to limitations on physical valuations, such as lending above 90 per cent LTV and new build properties, these applications will be put on hold until we can take them forward.

She continues: In order to ensure that we stay within our operational capacity, we may need to limit the amount of business we can take each day, which means that once certain daily limits are reached, we may need to limit our range for the rest of that day.

By doing this, we can continue to support our broker partners, their customers and the housing market. We will, of course, continue to review the situation regularly and hope it isn’t too long before the market returns closer to normal, she says.

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This article is for information purposes only.

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