The initiative will allow international mortgage applicants to retrieve their credit history for a UK mortgage application through its partnership with cross-border credit bureau, Nova Credit
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 its partnership with cross-border credit bureau, Nova Credit.
This provides non-resident customers from eligible regions which – Australia, Switzerland, the Philippines and the USA – and those who have recently relocated to the UK a more streamlined process.
As part of its lending policy, HSBC 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 per cent loan to value and the customer must have an acceptable visa type.
Oli O’Donoghue, head of mortgages at HSBC UK, said: International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country.
We are proud to be the first major bank to provide this innovative service to make it easier for customers to utilise their international credit history to help them secure a property in the UK, something that could be vital part of relocation. It is important that we cater to all our customers, including the needs of our global customers, she said.
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