HSBC UK Remains Open for Business Across Mortgage Deposit Range

Despite the current challenges, HSBC UK has reassured customers that it remains open for business across its mortgage deposit range. The lender has issued a note to brokers, stating that mortgages across its range of loan-to-value (LTV) levels will remain available.

No Change in Pricing

According to Michelle Andrews, HSBC UK’s head of buying a home, the lender’s mortgage range across all LTVs is still available and open for applications. Andrews emphasized that HSBC UK is not seeing upward pressure on pricing.

Applying for a mortgage during uncertain times

Temporary Holds on Applications

While HSBC UK is committed to supporting its broker partners and customers, some applications may need to be temporarily put on hold until a time when they can be taken forward. This is due to the current difficulty in making physical valuations. To ensure it remains within its operational capacity, the lender may also place daily limits on the amount of business it can take on.

The importance of property valuations in the mortgage process

Technology to the Rescue

To mitigate the impact of physical valuation limitations, HSBC UK will utilize desktop and automated property valuations where possible. This will enable the lender to continue supporting its broker partners and customers, while ensuring it stays within its operational capacity.

The role of technology in modern mortgage applications

A Commitment to the Housing Market

HSBC UK remains committed to supporting the housing market and will continue to review the situation regularly. The lender hopes that the market will return to normal soon.

The importance of lenders in supporting the housing market