Effective from tomorrow (Thursday, June 15th), HSBC will make a series of alterations to its residential and buy-to-let (BTL) mortgage product ranges.
The banking giant plans to withdraw its current new business residential products from sale at 5 pm today, Wednesday, June 14th.
In case these products are removed any earlier, the bank has committed to inform all relevant parties. Meanwhile, the current residential product switch, BTL, and international ranges will remain open until midnight.
The changes affect a broad array of the bank’s mortgage offerings. These include various fixed rate loans across different loan-to-value (LTV) brackets for existing residential customers switching, borrowing more, first-time buyers, home movers, and those looking to remortgage.
Existing BTL customers switching or borrowing more will also see increases in fixed rate fees for various LTV categories, and those looking to purchase or remortgage BTL properties will be affected too.
HSBC stated there are no changes to end dates or any other interest rates at this time.
To secure existing product codes, HSBC advises brokers to submit applications in full by 5 pm today, Wednesday, June 14th.
The changes reflect mortgage lender’s ongoing efforts to adjust to the shifting economic environment and maintain market competitiveness.
