Bank expands availabilty of buy-to-let mortgages
HSBC UK is expanding the availability of its buy-to-let mortgages to brokers.
Previously, landlords needed to go directly to the bank for an HSBC buy-to-let mortgage.
But now, some 13,500 independent mortgage advisers from more than 510 broker firms can include HSBC UK’s buy-to-let mortgages within the advice they give their clients.
The bank has also reduced rates within its buy-to-let mortgage range.
Michelle Andrews, HSBC UK’s head of buying a home, said: “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 buy-to-let market is starting to reflect the greater tenant demand, with continued record low interest rates helping to drive this growth.”
Nationwide Building Society meanwhile has unveiled a “one-stop shop” to help landlords manage their properties in one place.
The Landlord Works aims to help improve rental standards across the UK by offering access to education and support, Nationwide said. It will help landlords manage and keep track of their properties and finances, providing free resources for landlords who are both members and non-members of Nationwide.