HSBC has boosted the availability of its buy-to-let mortgages and cut rates for landlords across all loan-to-value ranges by up to 35 basis points.
The high street bank says the move means that these products will extend to over 13,500 independent mortgage advisers from more than 510 broker firms.
It has also refreshed the range, bringing down rates across all LTVs by up to 0.35% with every one of its BTL fixed-rate mortgages being reduced and up to 0.45% cut on selected tracker BTL mortgages.
Remortgage and purchase highlights include:
· A two-year fixed-rate loan at 65% LTV, with no fee down to 1.69% – reduced by 0.30%.
· A two-year fixed-rate deal at 75% LTV, with a £1999 fees cut to 1.34% – reduced by 0.15%.
· And a five-year fixed-rate offer at 65% LTV, with no fee now priced at 1.84% – reduced by 0.30%.
Remortgage only highlights include:
· A two-year fixed-rate loan at 65% LTV, with a £1999 fee down to 1.14% – reduced by 0.35%.
· And a two-year fixed-rate offer at 75% LTV, with no fee now at 1.84% – reduced by 0.15%.
HSBC head of buying a home Michelle Andrews says: “The BTL market may be 25 years old, but it is still evolving.
“The pandemic and subsequent lockdowns have shown how important the rental sector is, as tenants reassess their housing needs post-lockdown.
“While some city dwellers are moving away from traditional commuter hubs in the search for space and tranquillity, others are returning to city life.
“Renting gives people important flexibility if they are moving to a new area, similar to ‘try before you buy’.
“There is also a population of new ‘accidental landlords’ who may have used the lockdowns as a reason to move in with a loved one or a friend as a solution to living alone, and have subsequently made a decision to make it permanent, leaving them with a property that can be rented out.
“Following this challenging 18 months, the BTL market is starting to reflect the greater tenant demand, with continued record low interest rates helping to drive this growth.
“Our rate refresh makes it cheaper for those looking to purchase or remortgage BTL properties.
“We want to support more homeowners through every stage of the mortgage journey, and providing brokers with access to our BTL range of mortgages will extend the availability of our BTL mortgages.”
