back Back

HSBC UK simplifies loan application for International customers

By Gloria Methri

October 18, 2024

  • Credit Bureau
  • Digital Loans
  • Europe
Share

HSBC, HSBC UK, Nova Credit, Mortgages, Home Loans, Personal Loans, Digital Loans, Mortgage Application, FinTech, Credit Bureau, UK, EuropeHSBC UK is making its mortgages more accessible for international homebuyers by introducing technology that makes it easier to leverage credit history from a previous location when applying for a mortgage.

As newcomers to the UK and international customers often face roadblocks and delays when trying to leverage their overseas credit history to apply for loans, HSBC UK has launched an initiative allowing international applicants to retrieve their credit history for a UK mortgage application.

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

This new digital service brings various credit bureau 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 Nova Credit, follows a similar move by the bank last year, which allowed international customers to use their credit histories from a previous location to apply for an HSBC UK credit card.

Oli O’Donoghue, Head of Mortgages, HSBC UK, said, “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 can build on this by introducing this new service into our UK mortgage application process. It could be a game-changer 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. 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.

Previous Article

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More
Next Article

October 18, 2024

Premier Bank, Mastercard & Tappy launch tokenizable payment wearables

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 31, 2024

Nearly 21% of US SMBs could exhaust cash reserves within 6 months

Read More

October 31, 2024

Levenue and Spendbase partner to help SMEs control SaaS costs

Read More

October 30, 2024

3 Invoicing tools streamlining business finances this Diwali

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More