{"id":105661,"date":"2025-03-07T17:00:00","date_gmt":"2025-03-07T17:00:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=105661"},"modified":"2025-03-07T15:49:42","modified_gmt":"2025-03-07T15:49:42","slug":"hsbc-revamps-mortgage-policies","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/hsbc-revamps-mortgage-policies\/","title":{"rendered":"HSBC Revamps Mortgage Policies, Opening Doors for More Homebuyers"},"content":{"rendered":"\n

HSBC UK has announced a 0.25% reduction<\/strong> in its standard variable rate (SVR) for residential mortgages, bringing it down to 6.74%\u2014the lowest since January 2023. <\/p>\n\n\n\n

At the same time, the bank has significantly relaxed eligibility criteria for international borrowers, allowing greater flexibility for those looking to purchase property in the UK.<\/p>\n\n\n\n

The move is expected to make homeownership more accessible to a wider range of applicants, including those without indefinite leave to remain (ILR<\/a>). <\/p>\n\n\n\n

By increasing loan-to-value (LTV) limits and expanding mortgage access, HSBC is positioning itself as a more inclusive lender in an increasingly competitive market.<\/p>\n\n\n\n

HSBC Reduces Mortgage Rates Amid Market Shifts<\/h2>\n\n\n\n

HSBC\u2019s decision to cut its SVR to 6.74% <\/strong>follows a review of its mortgage offerings, aimed at supporting homeowners transitioning from fixed-rate deals. <\/p>\n\n\n\n

According to Oli O\u2019Donoghue, director of mortgage lending at HSBC UK, this reduction will directly benefit borrowers who have moved onto an SVR after their fixed term expired.<\/p>\n\n\n\n

The change comes as lenders respond to evolving housing market conditions, with some banks cautiously adjusting their rates despite persistent inflationary pressures. <\/p>\n\n\n\n

While mortgage rates remain higher than in previous years, HSBC<\/strong>\u2019s adjustment provides some relief for customers facing increased repayment costs.<\/p>\n\n\n\n

The lender\u2019s broader strategy includes enhancing mortgage <\/a>accessibility for international applicants. By aligning UK mortgage policies with the needs of overseas buyers, HSBC aims to strengthen its position in the property finance sector.<\/p>\n\n\n\n

Broader Eligibility for International Borrowers<\/h2>\n\n\n\n

HSBC has significantly expanded access to its mortgage products by loosening restrictions on non-UK residents. Previously, mortgage applicants needed both borrowers on an application to hold ILR or EU settled status. <\/p>\n\n\n\n

Under the new rules, only one applicant must meet this requirement, allowing mixed-status households <\/strong>to apply more easily.<\/p>\n\n\n\n

The bank has also increased the maximum LTV for international borrowers under specific conditions:<\/p>\n\n\n\n