Service is currently available for applications made directly to HSBC UK
HSBC UK has introduced a new service aimed at simplifying the mortgage application process for international homebuyers by allowing them to use their overseas credit histories.
The initiative, launched in partnership with Nova Credit, enables non-resident and newly arrived customers from certain countries to retrieve and submit their foreign credit histories as part of their UK mortgage applications.
The new service will streamline the process for international applicants from regions such as Australia, Switzerland, the Philippines, and the United States, as well as those who have relocated to the UK within the past 12 months from 14 eligible countries. The service is currently available for mortgage applications made directly to HSBC UK.
Previously, international applicants had to obtain and translate their foreign credit reports manually, which was often a lengthy and expensive process. HSBC UK’s new technology eliminates these steps by integrating various credit bureaux into a single platform, automatically generating credit reports in English and adding them to the mortgage application.
“International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country,” said Oli O’Donoghue, head of mortgages at HSBC UK. “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.”
The bank previously launched a similar initiative allowing international customers to use their foreign credit histories to apply for HSBC UK credit cards, which saw a positive response, according to O’Donoghue.
HSBC UK has also recently expanded lending options for foreign nationals. Customers applying through mortgage brokers can now access loans with up to 95% loan-to-value (LTV) ratios, provided they have leave to remain in the UK or EU settled status.
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