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40 year buy to let mortgage available from today

HSBC is increasing its maximum mortgage term to 40 years for buy to let, purchase, remortgaging and additional borrowing.

Second homes will no longer be limited to 30 years and can now be considered up to 40 years but residential applications on interest only products will remain capped at a 25-year maximum term. This will include part and part interest-only mortgages as well.

The news broke late yesterday, with leaks to key news outlets, and a formal communication is expected today. 


Nicholas Mendes, mortgage technical manager at John Charcol, told the Financial Times that HSBC’s initiative is “reflective of the current market conditions” and says that “Lenders typically have two options to secure business either through rate reductions or relax their criteria to take on extra business.”

Mendes is quoted as saying that, by extending the maximum term, this will allow more mortgage holders to reduce the impact of higher rates on their mortgage payments.

He adds that HSBC’s previous maximum term was 35 years and that this move brings it in line with the majority of the market and high street competitors. 


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