"We cannot currently accept any applications for a loan of more than 90% of the property value, or for a buy-to-let mortgage."
HSBC is also unable to accept applications for buy-to-let mortgages during the Covid-19 outbreak due to limitations on physical valuations.
In a statement on its website, HSBC said: "Following Government advice, all physical valuations are currently suspended. This means we cannot currently accept any applications for a loan of more than 90% of the property value, or for a buy-to-let mortgage. Any applications for new-build properties will be on hold until a physical valuation can take place."
Last week, HSBC relaunched its two-year tracker range and reduced rates across a number of fixed rates.
Michelle Andrews, HSBC UK’s head of buying a home, said: "We will look to make the most of technology and utilise desktop and automated property valuations where we can, and where this is not possible due to limitations on physical valuations, such as lending above 90% LTV and new build properties, these applications will be put on hold until we can take them forward.
“In order to ensure that we stay within our operational capacity, we may need to limit the amount of business we can take each day, which means that once certain daily limits are reached, we may need to limit our range for the rest of that day. By doing this, we can continue to support our broker partners, their customers and the housing market. We will, of course, continue to review the situation regularly and hope it isn’t too long before the market returns closer to normal.”
