What Development Finance Options Do They Offer?
If you require property development finance, HSBC may be able to offer:
- Loans available from £1,000 to £25,000
- Spread payments over 1 to 5 years for loans below £15,000
- Spread payments over 8 years for loans over £15,000
- An instant credit decision for current account customers
- A credit decision in 2 to 5 working days for non-current account customers
- Loans within 3 working days upon receipt of the signed loan agreement.
This type of loan could be suitable to pay for the contractors and materials required for your development project, including structural amendments, plumbing, electrics, flooring, insulation, windows and more.
As one of the leading banks in the United Kingdom, HSBC may offer financial solutions for clients throughout England, Scotland and Wales.
Please note in order to apply for a mortgage for renovation purposes, properties must be habitable (i.e have a fully functioning kitchen and bathroom)
What Do HSBC Need To Know For My Application?
To offer protection to their customers and ensure they receive suitable loans, HSBC require certain documentary evidence to support a loan application. The following is typically needed to be considered for development finance:
- Proof of identity
- Proof of address
- Proof of income
- Three months’ worth of bank statements
- Proof of other income (evidence of stocks and shares etc)
- Details of all current non mortgage borrowing
- Details of all protection plans and employer benefits
- The purpose of the loan
In addition for non-EU nationals, HSBC require a residency visa or work permit. Unless an indefinite leave to remain has been secured, it must be noted that mortgages will only be approved if the borrower has at least 12 months left on their visa.
For self-employed individuals, HSBC require documentary evidence for the last three years’ worth of tax returns. Some self-employed individuals may not have been trading for three years at the point of application, in this instance HSBC will accept tax returns up to the day of application.
Like the majority of high street lenders, HSCB require details and evidence of projected retirement income for those applicants approaching retirement.
Finding The Right Development Finance For Your Project?
Sourcing the right finance at the right price for your development project is where Clifton Private Finance can help. We have access to a large range of lenders including HSBC and can assist depending on your project and finance requirements.
Call us today on 0203 900 3040 or complete our callback request form