HSBC buy to let mortgages eligibility and First Direct

Gep

Hi,
I've noticed that one of the requirements for getting a buy to let morgage from HSBC is to be a HSBC current account holder.

Since First Direct is part of the HSBC group, having a current account with them will satisfy the requirement above?

(I know I could phone HSBC, but they will keep me on the phone for hours before I get an answer...)

roubaix

If you phone their mortgage department they answer very quickly. I have never waited more than about 4 rings.

I don't know the answer to your question but I am guessing you need a HSBC account. I have a first direct account and mortgage but it is residential and I know when I explored HSBC mortgages you needed a HSBC account not first direct. However, that may only apply to residential mortgages so worth checking.

pinkteapot

Currently applying for a remortgage to HSBC and have found their mortgage call centre extremely helpful, and I've never had to wait long for them to answer.

Call 0800 169 6333, listen to an interminable recorded message about mortgage advice and FCA protection, then choose option 3 (advice about their mortgage products before you apply). I've spoken to them several times over the last week.

My guess would also be that First Direct doesn't count, but worth checking.

scottishblondie

Doesn't count. I had to open an HSBC account to get a better mortgage rate, even though I already had a FD account.

ACG

When I worked for Co-op mortgages they said a co-op account but would have allowed a Britannia bank account instead.

But that doesnt mean HSBC will - answers can change over time so its always best to check with the lender.

SuperSaver123

Hi! Do you know what credit score do you have to have to get BTL with HSBC?

kingstreet

SuperSaver123 wrote: »

Hi! Do you know what credit score do you have to have to get BTL with HSBC?

Lenders do not have published credit scores, so the meaningless twaddle supplied by Experian and Equifax has no relevance.

SuperSaver123

Thanks Kingstreet.


What lenders would you say have less strict rules for buy to lets? (I have quite high balance on credit cards plus hire purchase on car, all totalling up to £28k and BM and TMW rejected me, only Aldemore accepted me but they are so slow that I am worried we will lose deal). Please advise what other lenders I can approach.


Thank you in advance!

ACG

Aldermore should start getting quicker.

Apparently 9 new underwriters have started.

kingstreet

SuperSaver123 wrote: »

Thanks Kingstreet.


What lenders would you say have less strict rules for buy to lets? (I have quite high balance on credit cards plus hire purchase on car, all totalling up to £28k and BM and TMW rejected me, only Aldemore accepted me but they are so slow that I am worried we will lose deal). Please advise what other lenders I can approach.


Thank you in advance!

Most of the BTL market is broker-based.

Why not get a professional to place it for you?

On a BTL purchase, your personal credit is far less of an issue than for a residential mortgage.

SuperSaver123

kingstreet wrote: »

Most of the BTL market is broker-based.

Why not get a professional to place it for you?

On a BTL purchase, your personal credit is far less of an issue than for a residential mortgage.

Exactly! Which is why I don't understand why they accepted me for resi but rejected for BTL! I have broker involved but he only offered BM, TMW and Aldemore. Aldemore only accepted but rate they offered is pretty bad: 4.99% variable for 3 yrs with ERC!


Surely there must be more lenders with better offers out there??