"The inclusion of overtime, commission and bonuses to support a mortgage application is one bit of normality that will be welcomed by many looking to move onto or up the property ladder."
A two-year fixed rate at 90% LTV has been cut to 3.24% with a £999 fee and 3.44% with no fee, while five-year fixed rates have reduced to 3.44% with a £999 fee and 3.64% fee-free.
At 85% LTV rates have been cut by 10bps, with two-year fixed rates starting at 2.54% with a fee or 2.84% fee-free, and five-year fixed rates available from 2.84% with a fee or 3.14% fee-free.
HSBC UK has also made changes to its variable pay policy, enabling income from commission and overtime, in addition to quarterly, half-yearly or annual bonus payments to be used to support mortgage affordability. The most recent payment must have been received in 2021.
Michelle Andrews, HSBC UK’s head of buying a home, said: “We are all looking forward to normality returning, and the inclusion of overtime, commission and bonuses to support a mortgage application is one bit of normality that will be welcomed by many looking to move onto or up the property ladder.”
