In reaction to current market conditions, HSBC will be removing its expat buy-to-let 5-year 75% loan-to-value (LTV) product.
The product will be removed from Wednesday (28th June), but the bank stated that all applications must be submitted, with fees paid, by 5pm today (27th June) in order to secure the product.
Decisions in principle (DIPs) must be submitted by 12pm in order to be in with a chance of meeting the 5pm deadline.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “[HSBC is] trying to avoid a repeat of the situation when they pulled rates and then re-entered the market.
“The lender has taken four times the normal level of business in the last few days which is putting pressure on service levels.
“With holiday season upon us and other issues, HSBC is trying to balance the extra workload with forecast of reduced capacity.
“I was surprised they didn’t pull on Friday, but with Santander withdrawing today they simply had no choice.
“HSBC are likely to avoid sitting on the top best buys for the next few weeks while they manage through their current workload.”
