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HSBC no longer requires bank statements; Mortgage broker partners hit 100

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  • 26/06/2019
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HSBC no longer requires bank statements; Mortgage broker partners hit 100
HSBC UK confirmed it would no longer require bank statements alongside mortgage applications to increase speed and efficiency and confirmed it has achieved broker partnerships with 100 firms.

 

Over 13,500 brokers are able to access HSBC’s products, as the lender continued to grow its market share to £4bn in Q1 this year.

The lender saw 41 per cent of its business completed through advisers between January and March, up from 35 per cent over 2018.

The bank also launched product transfers with procuration fees of 0.2 per cent in March.

Among the raft of changes, HSBC is going to allow product switching through brokers for customers who originated from HSBC UK, so brokers can retain existing HSBC mortgage customers regardless of whether they originated through the broker network or direct to lender.

Landlords will also no longer need to provide the latest buy-to-let mortgage statement where rental income is used to support affordability.

Offshore teams in Hyderabad and Manila support the UK underwriting mortgage arm, processing applications while the UK sleeps, providing coverage seven days a week and able to progress to offer ‘accept’ decisions below £750,000.

Chris Pearson, HSBC UK’s head of intermediary mortgages, said: “We embarked on the epic journey to make our mortgages available to brokers four years ago, continually bringing on board more broker partners while improving the way we work to provide a better service.”

“During that time we put in place a whole new platform for brokers and also simplified our processes so that advisers and customers find it easy to do business with us.

He added: “Using new technology has been integral to this journey both in terms of the platform we introduced, but more recently the ability to source income and expenditure information from other sources has meant the requirement to submit physical bank statements has greatly reduced. That is a real win, win, win for us, brokers and the customer.”

 

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