News
HSBC launches 95% LTV mortgages through brokers only
HSBC is the latest lender to target first-time buyers with deposits of just 5%, offering 95% loan to value (LTV) mortgages that will initially be available through intermediaries only.
The lender has launched a two-year fixed-rate of 3.49% with no booking fee and a free valuation.
HSBC is also offering three and five-year 95% LTV fixes, at 3.74% and 3.89% respectively, with the deals available to home movers, as well as first-time buyers.
The mortgages won’t be available direct to consumers until the summer.
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Research showed the amount of 95% LTV mortgages has hit the highest level since the financial crisis, as lenders battle to entice first-time buyers.
Tracie Pearce, HSBC UK’s head of retail products (pictured), said: “The vast majority of prospective first-time buyers prefer having a helping hand through the home buying process, so we are pleased to initially make our 95% LTV mortgages available through our broker partners.
“We’ve been steadily growing the number of broker partners we work with since entering the market two years ago.
“With our latest intake, Andrews Estate Agents, Private Finance, JLM Mortgage Services and John Charcol we are up to 27 and adding more high calibre partners regularly.
“We have also successfully migrated all our partners onto our new broker platform, Omiga, which streamlines the mortgage process for our customers.
“Our agile new Omiga platform gave us the opportunity to make our new 95% LTV mortgage available initially through brokers.
“We look forward to making it available through our branch network, on the phone and online during the summer.”