HSBC UK to Make International Mortgage Applications Easier for Applicants Utilising International Credit History

HSBC UK today announced it is making its UK mortgages more accessible for international homebuyers by introducing technology that makes it quicker and easier for international customers to leverage their credit history from a previous location for their UK mortgage application.

With newcomers to the UK and international customers often facing roadblocks and delays when trying to leverage their overseas credit history to apply for various types of loans, HSBC UK is the first major bank to launch an initiative allowing international mortgage applicants to retrieve their credit history for a UK mortgage application.

This provides non-resident customers from eligible regions (Australia, Switzerland, the Philippines and the USA) and those who have recently relocated to the UK a more streamlined process. This will initially be available on mortgage applications made directly to the bank.

Previously, international customers were required to obtain and translate their own credit reports prior to application, a process that was often time-consuming and potentially costly. This new digital service, brings various credit bureaux connections together in one place, eliminating the need to find, approach and complete requests to separate bureaux. This will result in a convenient, time saving and potentially cost saving experience, where a report will be generated in English and added automatically to the mortgage application.

This new offering, through a partnership with the world’s only cross-border credit bureau, Nova Credit, follows a similar move last year by the bank which offered international customers the ability to use their credit histories from a previous location to help them apply for an HSBC UK credit card.

Oli O’Donoghue, Head of Mortgages, HSBC UK said: “International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country. We’re proud to be the first major bank to provide this innovative service to make it easier for customers to utlilise their international credit history to help them secure a property in the UK, something that could be vital part of a relocation. It is important that we cater to all our customers, including the needs of our global customers.

“Following a launch last year, HSBC UK has seen a great response from customers using this service to access our credit cards. I am, therefore, pleased that we are able to build on this by introducing this new service into our UK mortgages application process. It could be a gamechanger for someone moving to the UK, or recently moved, and looking to settle and put down roots by buying a home.”

The new service extends to non-resident customers and those who have recently relocated to the UK (within the last 12 months) from one of 14 eligible regions 1.

Lending options for foreign nationals have also been improved, with applicants applying through their mortgage broker able to access up to 95% LTV tiers, where any applicant has leave to remain in the UK or has EU settled status.