A “Buy to Let” Loan is yet another first from HSBC, the local banking group which places innovation and customer service at the top of its agenda. This is a unique product in Malta and HSBC is meeting a much-needed gap in the property market. “Buy to Let” offers two specific advantages. Firstly, this product is not considered as a commercial loan and therefore lower interest rates apply. Secondly, the income from the letting of the property is considered as part of the customer’s income, making “Buy to Let” more accessible.
“With ‘Buy to Let’, HSBC is addressing the needs of a specific group of customers. It allows individuals the opportunity to buy or borrow against a property for the purposes of letting. Because of its specific nature, ‘Buy to Let’ does not fit into the commercial loan bracket and loan repayments may be spread over a maximum term of 25 years. HSBC’s ‘Buy to Let’ is a new, excellent and affordable opportunity for people looking to enter the letting market or with properties to let,” said HSBC’s Chief Executive Officer, Shaun Wallis.
“Buying a property with the intention of letting is a popular form of investment so long as purchases are made for the right reasons, within affordability criteria and with a long term investment view. HSBC’s ‘Buy to Let’ has now made this investment much easier and much more affordable. The bank has always been at the leading edge of Malta’s financial services industry launching new products aimed at the needs and aspirations of specific groups of customers. ‘Buy to Let’ forms an integral part of this strategy and is a clear reflection of HSBC’s continuing efforts to provide customers with the products and the high level of service which they require,” continued Mr Wallis.
“Following HSBC’s decision to be the leading supporter and sponsor of the newly set up Federation of Estate Agents, the launch of ‘Buy to Let’ is another example of HSBC’s commitment to the continuing planned development of the real estate industry in Malta,” said the President of the FEA, Mr Douglas Salt. “The Malta Federation welcomes this bold initiative which will be beneficial to many of our customers and the industry in general. The rental market is picking up with more people turning to rent as they leave home earlier or due to single parent families and therefore this package will attract more people to invest in buy to lets,” concluded the President of the FEA.
More information on HSBC’s new “Buy to Let” loan is available from any HSBC branch. Details can also be obtained by calling HSBC Customer Service on 2380-2380 or from the website www.hsbc.com.mt.