Brokers can now complete further advance applications for their clients and accept the mortgage offers through HSBC’s platform. Previously, borrowers who wanted additional borrowing from HSBC had to approach the bank directly.
The bank also revealed it is on track to reach its target of 150 broker partnerships, covering 14,000 advisers, by Christmas.
Currently, the bank has relationships with 142 broker firms.
Process changes
To make its mortgage process easier for intermediaries to use, the bank has made a number of changes.
HSBC has also introduced a live chat function and increased the number of telephone business development managers to support brokers.
And the bank has increased the number of mortgage applications that will be accepted with desktop valuations, including purchases.
Chris Pearson (pictured), HSBC UK head of intermediary mortgages, said: “From a standing start a few years ago we expect to have 150 broker partners on board by Christmas, and while we continue to expand our reach in the broker market by bringing on board more partners, we are working hard in the background to make the mortgage journey for brokers faster with fewer points of friction.
“This will enable brokers to provide a solid service alongside important and timely peace of mind to HSBC UK mortgagees.”
In August the bank reported its broker mortgage originations increased to 44 per cent of all its completions up from 27 per cent in the same period the previous year.
The bank has also announced plans to increase its share of mortgage lending to 11 per cent following a £35bn investment. According to the UK Finance 2018 lending report, HSBC held an eight per cent market share at the end of 2018.
