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HSBC in a statement to Yahoo Finance said demand for mortgages with lower deposits had soared after the COVID-19 led lockdown, in tandem with stamp duty<\/a> cuts. The lender however said the 15% deposit clause would not apply to existing customers who were switching rates.<\/p>\n Michelle Andrews, head of HSBC UK<\/a>\u2019s mortgages team said the uptick in applications could delay and put property purchases at risk, mainly as the lender could not provide a consistent standard of services. Andrews however said the move to increase deposits was a temporary one, adding, \u201cTemporarily reserving our mortgages at over 85% LTV for those switching rates only is not a decision we have taken lightly, but one we will be reviewing regularly.\u201d Andrews also said that the lockdown and the stamp duty changes had injected fresh momentum for both first and second time buyers, particularly for buyers with smaller deposits.<\/p>\n Fresh figures from British mortgage lender Nationwide indicated British house prices touched an all time high since 2004 in August, during which the average home sold for \u00a3224,123 (Rs 2,18,88,838), rising by 2% from July. UK Chancellor Rishi Sunak<\/a> had in July announced a temporary stamp duty holiday on homes under \u00a3500,000 (Rs 4,88,54,511) for England and Northern Ireland.<\/div>\n