HSBC has simplified its interest-only mortgage policy and will no longer restrict its use to Premier customers.
In order to be eligible for one of HSBC’s interest-only mortgages, single applicants must have a gross income of more than £100,000 per annum.
For joint applications, at least one customer must have a gross income in excess of £100,000 per annum.
Aaron Strutt, product manager at Trinity Financial, says: “There are more interest-only mortgages available, although borrowers typically need to have equity in their property and a generous basic salary.
“HSBC will not take overtime, bonuses, commission or any rental income rental income to make up the income to qualify for interest-only.”
From 11 February, interest-only mortgages will be offered to existing, and new customers provided they meet the new income eligibility criteria.
For help to secure an interest-only mortgage through HSBC, call Trinity Financial on 020 7016 0790.