The new 40-year terms will be an option on residential capital repayment and Buy To Let mortgages and is available to those who take out their mortgage with a broker as well as those who arrange their own mortgage with the bank directly. Eligibility can be found here.
Andrew Matson, Head of Mortgages at HSBC UK said: “We know that home ownership is a key life ambition for many people, but affordability can be an issue. We are delighted to introduce our first ever 40-year mortgage term to our customers. This move underscores our comittement to supporting aspiring homeowners in their journey onto the housing ladder.
“By extending the mortgage term we aim to help make mortgages more manageable with lower monthly repayments and homeownership a reality for our customers.”
The launch of the 40-year mortgage will be split across two dates. It will be available through mortgage brokers on Wednesday 30 August and customers making direct applications will be able to apply from Wednesday 13 September. This applies to all new residential applications on a capital repayment basis. Any additional borrowing, either standalone or in conjunction with a remortgage can now also be taken over 40-years.
For Buy to Let applications that are on both capital repayment and interest only the maximum term will extend to 40-years.
HSBC UK is committed to supporting its customers through the measures set out in the mortgage charter. For more information about the range of tailored support options available, please visit our website.
Notes to editors:
Chat with us or call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm).
As part of our responsible lending policy the maximum age is dependent on the repayment type, and subject to meeting our maximum term and lending into retirement criteria. More information on our lending into retirement policy can be found on our website.
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring fenced bank and wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,041bn at 30 June 2023, HSBC is one of the world’s largest banking and financial services organisations.