HSBC to launch into buy-to-let in H1 next year
HSBC plans to launch into the buy-to-let market in the first half of next year, Mortgage Introducer understands.
The lender is currently exploring what its proposition will look like, as it looks to add something fresh to the market.
HSBC currently has a limited proposition for consumer buy-to-let landlords.
Ying Tan, chief executive of the broker Dynamo, said: “Having HSBC hit the buy-to-let market is a major statement of intent owing to its size and reputation.
“There is very little that is missing in the market at the moment because it’s saturated with challengers, high street lenders and specialist lenders.
“When launching, rather than focusing on criteria it should focus on making sure service is of a high level and quality.
“Given that it’s HSBC it’s unlikely to be specialist, it’s more likely to be driven by a strong rate and service proposition.”
HSBC began offering residential mortgages through the intermediary channel in October 2014 with a Countrywide pilot scheme. L&C Mortgages was brought on board one year later and it has slowly gathered momentum since.