"International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country. "
- Oli O’Donoghue, head of mortgages at HSBC UK
HSBC has announced that it will now accept overseas credit history for UK mortgage applications.
The initiative will allow international mortgage applicants to retrieve their credit history for a UK mortgage application through a partnership with cross-border credit bureau, Nova Credit.
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.
As part of HSBC's lending policy, it will lend to foreign nationals resident in the UK where they have settled or pre settled status, indefinite leave to remain, indefinite leave to enter or have been granted a right of abode by the Home Office.
All customers must have lived in the UK for a minimum of 12 months at point of application, or applicants must have a minimum income of £75,000 or a joint minimum income of £100,000 (excluding variable income).
HSBC will lend up to 85% LTV and the customer must have an acceptable visa type.
Oli O’Donoghue, head of mortgages at HSBC UK, commented: “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."
