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29 January 2016, HSBC for Intermediaries

Interest Only policy change

With effect from the 11 February 2016 we are simplifying our Interest Only Mortgage eligibility criteria and will no longer restrict it to Premier customers only.

  • In order to be eligible for an Interest Only mortgage, a sole applicant must have a gross income in excess of £100,000 per annum.
  • For joint applications, at least one customer must have a gross income in excess of £100,000 per annum.
  • Overtime, bonuses, commission and rental income do not qualify as eligible sources of income.
  • All customers are eligible to apply for an Interest Only Mortgage provided they meet the above eligibility criteria.
 

Action:

From the 11 of February please take the following action:

  • Interest only mortgages can now be offered to existing and new customers to HSBC provided they meet the new income eligibility criteria.
  • Premier customers who have been offered a mortgage on Interest Only terms prior to the 11 of February under the old eligibility criteria may proceed with their application even if the new income eligibility criteria is not met.
 

For more details on acceptable interest only repayment vehicles, see our Interest Only Repayment Strategies.

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