HSBC UK has re-started offering buy-to-let mortgages after clearing its valuations backlog in England and Scotland.
Going forward, requests for physical valuations will work to the pre-lockdown timetable which should see valuations completed within four days of an application being received.
HSBC’s buy-to-let range includes a two-year fixed rate at 2.19% up to 60% LTV and a five-year fixed rate at 3.09% up to 75% LTV, both with a £349 fee.
A two-year tracker product is also available at 1.44% up to 60% LTV with a £1,999 fee.
HSBC UK has also confirmed it will be resuming physical valuations in Northern Ireland from Monday, and will do so in Wales when the lockdown rules ease.
Michelle Andrews, HSBC UK’s head of buying a home, said: “The restrictions on the movement of people and access to property meant that we had to change the way we approached the valuation of properties – an essential part of the home buying process – to ensure we are providing responsible lending.
“Where we could we expanded our use of desktop and automated valuations, so mortgage applications could continue. In some cases, like higher LTV applications and buy-to-let mortgages it is an essential part of the process, so unfortunately those applications had to be paused.
“I am pleased to say that we have now, with the help of our corporate valuations partners, addressed our backlog of physical valuations in England and Scotland and those mortgages that were on hold are progressing, taking those buying a home one step closer to a potentially dream move. Plus, as we are now in a position where we can satisfy our requirement for a physical valuation in a safe compliant way, we are also able to provide buy-to-let mortgages again for landlords.
“We have shown we can work with our valuers at pace when physical valuations become possible, with appointments already in the diary in Northern Ireland for Monday. We are looking forward to being able to progress with physical valuations in Wales as soon as the lockdown rules ease.”
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