You are here: Home -

HSBC removes 95 per cent mortgage deals from sale

Written by: Lana Clements
Many lenders have withdrawn all lending above 80% of the property's value in response to the coronavirus crisis
HSBC removes 95 per cent mortgage deals from sale

HSBC has axed its mortgages for those with small deposits of only five per cent.

The lender today said in an update it had removed all 95 per cent loan to value (LTV) mortgages from sale.

Earlier this month, HSBC had put all applications of mortgages above 90 per cent LTV on hold, alongside new build applications.

Michelle Andrews, HSBC UK’s head of buying a home, previously said: “We remain open for business and we want to support our customers and the housing market. Our mortgage range across all LTVs is still available and open for applications, and we aren’t seeing upward pressure on pricing…

“We will, of course, continue to review the situation regularly and hope it isn’t too long before the market returns closer to normal.”

Many lenders have withdrawn all lending above 75-80 per cent LTV in response to the coronavirus and limitations on physical valuations.

The government has urged all buyers and sellers to postpone transactions until social distancing restrictions have been relaxed.

But borrowers who are looking to remortgage deals at high LTVs could struggle to do so in the current climate.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2019-2020

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
How to get a professional tradesperson in safely

Don't ignore essential home maintenance during lockdown if it compromises safety