HSBC mortgages:
Your expert guide

HSBC is one of the UK's biggest mortgage lenders. At Mojo, we can help you make a successful application with HSBC.  

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Rated Excellent

Stuart Bowman

10-minute read

Last updated: 21st July 2020

91%

of Mojo applicants get approved for a mortgage with HSBC

£21bn

how much HSBC lent in 2018

Why apply for a HSBC mortgage?

HSBC is a trusted name throughout the UK and the world. The bank's also one of the UK’s top 10 mortgage lenders. About 1 in 12 mortgage holders get their deal with HSBC and, according to the latest figures from UK Finance, the bank lent £21.5bn worth of mortgage funds in 2018.

You'll find HSBC offers a wide range of mortgage deals from first time buyers to buy-to-let, but you may struggle to get an offer if you have major credit issues.

What are HSBC's best mortgage rates?

When it comes to mortgage deals and rates offered by any lender, 'best' depends. It depends on what you are looking for and your circumstances.

Some people may want the lowest interest rate, while some will want to avoid any extra fees. Others may want HSBC to offer them a bit of overpayment flexibility.

HSBC mortgage deals

It's important to remember all HSBC mortgage rates will depend on your personal circumstances, but these are some of the lowest headline rates the bank is currently offering.

These are examples only.

They are based on an application for a £150,000 loan to purchase a £200,000 property over 25 years.

Lowest 2-year fixed rate

Initial rate: 1.24%

Initial period: 27 months

Initial monthly payments: £585.63

After the initial period this deal reverts to HSBC's Standard Variable Rate of 3.54% with monthly payments of £743.42.

APRC: 3.3%

Fees: £1,016.00

True cost: £218,782.67 (for the 25-year term)

Lowest 5-year fixed rate

Initial rate: 1.46%

Initial period: 63 months

Initial monthly payments: £603.06

After the initial period this deal reverts to HSBC's Standard Variable Rate of 3.54% with monthly payments of £728.57.

APRC: 2.9%

Fees: £1,516.00

True cost: £210,680.87 (for the 25-year term)

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You can check whether you're eligible for these HSBC deals with Mojo.

We'll show you the best deals from over 90 lenders too.

  • Find out exactly what rates you can get
  • Get help with the paperwork if you want to apply
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These rate examples were updated in June 2020.

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HSBC mortgage application

You can apply for a mortgage with HSBC online, on the phone or by visiting a branch. In each case, the correct paperwork will be required. You don't need an existing HSBC account to apply for a mortgage with them.

Why use Mojo to apply with HSBC?

We can help you. And we don't charge a broker fee. Everyday we successfully get people mortgage offers with HSBC.

We'll guide you through their application process, double and triple checking your paperwork to make sure you don't hit any snags further down the line.

Of course, we'll check if you can find a cheaper mortgage deal elsewhere too.

compare HSBC mortgage rates

We make it really easy to see how competitive HSBC are

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Does HSBC do broker exclusive mortgage deals?

Yes. If you're eligible for one and it looks like a good fit for your needs, our advisers can talk you through any exclusives.

HSBC premier mortgage rates

You can get preferential terms from HSBC with a Premier mortgage.

To be eligible you need to pay your annual income into your HSBC Premier Bank Account. Also you need to have savings or investments of at least £50,000 with HSBC in the UK.

You can also qualify if you have an individual annual income of at least £75,000 while having an existing HSBC mortgage or an investment, life insurance or protection product.

The HSBC mortgage application timescale

After you submit your application, HSBC, like all lenders, instruct a valuation and start underwriting. This normally takes 2 weeks.

HSBC mortgage appointment process

If you decide to apply direct with the lender, you'll have to do 2 steps:

1) Get an appointment to get your Decision in Principle

This will give you an indication of the amount you can borrow from HSBC. As they will credit check you, it'll also highlight any red flags in your financial history – it won't have any impact on your credit score.

Bear in mind, a Decision in Principle from HSBC isn't a guarantee of a mortgage offer.

What is an HSBC Mortgage in Principle?

A Mortgage in Principle, also called a Decision or an Agreement in Principle, is an important first step in getting a mortgage and is a document that states how much you could potentially borrow from HSBC.

It is also used to show estate agents or new build sales consultants when viewing properties as it shows you to be a serious buyer.

2) Get an appointment to apply

At this point you'll submit your paperwork and speak to a HSBC adviser. They'll perform a fact find which can take a few hours. Then the adviser will make their mortgage recommendations and, if you are happy to apply, they'll order a valuation on your property and pass on your case to an underwriter.

HSBC will also perform a hard credit check that will remain on your credit record.

How much will HSBC lend me for a mortgage?

HSBC tends to offer up to 4.75 times the gross salary of the applicants.

Your actual loan ceiling may be lower if you have a lot of fixed outgoings.

HSBC remortgages

As with any lender, HSBC will treat your remortgage like a new mortgage and you'll have to pass their affordability and eligibility criteria.

You can avoid all of this paperwork if you want to remortgage with HSBC and you are already an existing mortgage holder with the bank.

This process is known as a Product Transfer. Normally HSBC will contact you as your existing deal is about to end and offer you some new options. These options will be cheaper than the bank's SVR. You simply choose one and that's it – HSBC will move you on to the rate as soon as your original deal ends.

However, you can check if you can get a cheaper deal still by using Mojo's Mortgage Matcher.

It only takes a few minutes to compare your HSBC offer side by side against the best the rest of the market can offer. And if you still want to remortgage with HSBC, we can do that for you too. It usually only takes a day to sort out.

Can I port my HSBC mortgage?

Yes, providing your deal allows it. Most HSBC mortgages allow you to 'port' the terms of your current deal to a new house.

Again, check whether porting is the right option for you. Our expert advisers can help you work out if you'll save more in the long term by remortgaging.

How much are HSBC's early repayment charges?

That depends on how long is left on your initial period and how much you overpay by.

HSBC tends to increase its annual overpayment allowance over the duration of your initial or discount rate period . The bank has an early repayment charge of 1% of the amount you pay over this allowance.

The example HSBC gives is:

You want to make an overpayment of £10,000 with 493 days remaining on the fixed rate

You find your overpayment allowance and see your remaining mortgage balance in HSBC's online banking portal or we can help you work out your early repayment charges ahead of a full remortgage.

HSBC buy-to-let mortgage rates

Like most mainstream buy-to-let lenders, HSBC's BTL mortgages begin at 75% loan to value, meaning that your deposit needs to be at least 25% of the property price.

HSBC also has the following buy-to-let eligibility criteria:

This means you cannot get a HSBC buy-to-let mortgage for a House in Multiple Occupancy (HMO) - a student let.

Also, HSBC will not offer you a buy-to-let mortgage if you're a professional landlord or a portfolio Landlord. This means that if you have an existing buy-to-let portfolio with over £2m in existing borrowing or have 4 or more rental properties, you cannot get a buy-to-let mortgage with HSBC.

Can't get a new buy-to-let mortgage with HSBC? We'll show you which lenders will lend to portfolio landlords - and who can give you the best deal.

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HSBC interest-only mortgages for non BTL

Like most other lenders, HSBC offers interest-only mortgages, even for non-buy-to-let properties. Again there are some general eligibility criteria:

  • You must have an income of at least £100,000 - excluding any bonus, commission, overtime and rental income

Even if you're joint applicants, one person must have a salary of £100,000.

HSBC first-time buyer mortgages

If you're a first-time buyer, HSBC can be a good option. They offer mortgages up to a 95% LTV, which means you need to save for a 5% deposit.

You can also spread the repayments over a maximum of 35 years.

The best deal will depend on your circumstances and our expert advisers will help you find it. We'll help you apply too. Simply start entering a few basic details and we can go from there.

HSBC shared ownership mortgage

HSBC accepts applications that use the government's Help to Buy Shared Ownership scheme.

Like most lenders, HSBC wants you to complete your Help to Buy application before applying for your mortgage.

How long are HSBC mortgage offers valid for?

Most mortgage offers from HSBC last 6 months.

Ready to see your mortgage options?

Mojo Mortgages is an award-winning online mortgage broker. Let's get you the best rate you can... for free, all from the comfort of your sofa.

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