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.
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 international credit history 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 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 within the last 12 months from one of 14 eligible regions (1). 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 [a] 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 game-changer for someone moving to the UK, or recently moved, and looking to settle and put down roots by buying a home.”
Lending options with HSBC UK 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.
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(1) The eligible regions for those who have relocated to the UK within the last 12 months include: Australia, Austria, Brazil, Canada, Dominican Republic, Germany, India, Kenya, Mexico, Nigeria, Philippines, Spain, Switzerland, and the United States.
HSBC UK serves over 14.7 million active customers across the UK, supported by 23,700 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®.
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