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HSBC re-introduces 95% mortgages in drive to support island first time buyers

Tuesday 8 June in Business

HSBC has re-introduced a 95% loan-to-value residential mortgage product and will be increasing lending limits for both its 90% and 95% mortgages later this month.

The changes are part of an enhanced mortgage proposition aimed in particular at supporting first time buyers in the Channel Islands and Isle of Man.

The Bank also introduced improved rates last month across its residential mortgage range, including fixed and tracker mortgages across the 60% to 90% loan-to-value spectrum.

In addition, as part of its drive to make accessing mortgage products easier and more environmental and sustainably focused, the Bank has enabled customers to sign their mortgage documents digitally and upload supporting documentation online.

Tania Sobey, Head of Retail Distribution, HSBC, Channel Islands and Isle of Man, commented:

“Recent figures continue to show a rising cost of living and highlight the very real challenges for first time buyers in the islands looking to get a foot on the property ladder. By opening up the possibility of a mortgage with a 5% deposit, in tandem with our new rates and lending limits, we hope we can play a part in helping younger islanders in particular realise their dream of buying their first home.

“In addition, our enhanced mortgage proposition is focused on making the whole mortgage application process easier through our online platform.”

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