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How does coronavirus impact buying a property?

If you’re looking to buy a property, you may have questions on how coronavirus could impact your plans.

Are mortgages still available?

Yes, mortgages have been available throughout the pandemic, and we’ll continue to accept new mortgage applications.  

Safety is a continuing priority. For customers applying for a mortgage with HSBC, all surveyors are trained and issued with PPE should a physical mortgage valuation on the property be needed. 

Explore: Applying for a mortgage

Has the affordability assessment changed?

Lenders can change their affordability assessments at any time, but this shouldn’t be a concern for you. As long as you complete the application accurately – you’ll get a fair decision on your application.

If your income has recently changed, or you think it’s likely to change in the future, it’s important you include this in your application.

Will your Decision in Principle be impacted?

If you have a Decision in Principle with HSBC, this will only be affected if your income has since changed. If it has, you can get a new, updated Decision in Principle online.

Can you view a property in person?

If you’re interested in viewing a property, you’ll need to arrange an appointment with the estate agent first. However, you shouldn’t view a property in person if you’re experiencing symptoms of coronavirus or have to self-isolate.

Keep in mind – government advice can change at any time, so it’s important to check the rules in your area and the area you’re looking to buy in. 

Many estate agents now offer virtual tours so you can view properties from the comfort of your own home if you prefer. 

Can you make an offer on a property?

You can make an offer on a property and negotiate with a seller.

However, there may be delays in the buying process. It’s a good idea to check in with your solicitor or licensed conveyancer to find out how they’re currently working.

Can you move home?

It’s still okay to move home. However, it’s important to remain flexible and be prepared to delay moving if anyone involved experiences symptoms of coronavirus or has to self-isolate. 

Keep in mind – local restrictions can change at any time, so check the rules that apply in your area and the area you want to move to.

Visit GOV.UK for the latest guidance on how to stay safe and help prevent the spread of coronavirus. 

Can you remortgage or switch mortgages?

It's still possible to remortgage to a new lender or switch mortgage rates

If you’re in the process of remortgaging or switching mortgage rates and your circumstances change, such as your income, you’ll need to let your lender know.

Think carefully before securing other debts against your home. 

Your home may be repossessed if you do not keep up repayments on your mortgage.