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HSBC hires O’Donoghue as mortgages head and adds extended mortgage offers

  • 25/03/2024
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HSBC hires O’Donoghue as mortgages head and adds extended mortgage offers
HSBC has appointed Oli O’Donoghue MBE as its head of mortgages and introduced mortgage offer extensions for select purchase applications.

O’Donoghue has been with HSBC since 2017, initially joining as head of region for wealth and personal banking, which she was for around four years before becoming regional director in 2021 and then managing director for branch network wealth and personal banking in 2022.

Prior to that, she worked at Barclays between 2008 and 2017, most recently as national performance director for mortgages.

She was awarded an MBE for services to diversity in the financial services sector in the New Year’s Honours last year. This follows Oli’s involvement in efforts to drive the inclusion agenda within financial services for over 20 years.

O’Donoghue said: “Over the last ten years, HSBC UK’s mortgage business has been transformed from a direct-only provider to one where the vast majority of our mortgage business is being done through brokers, with significant growth in the amount we lend and our market share.

“I am proud to be leading this exceptional team, and look forward to helping people move onto or up the property ladder, fulfilling their homebuying dreams.”


HSBC brings out mortgage offer extensions

HSBC will introduce mortgage offer extensions to help customers with delayed home purchases, with an extension of one month for standard purchases and three months for new builds now possible.

For purchase applications, non-new-build mortgage offers can be extended by a further 30 days from 180 days to 210 days.

New-build mortgage offers can be broadened by a further 90 days from 180 days to 270 days.

An offer extension can be requested when the original offer is within the last 30 days of the offer validity period and if there are no other changes to the applications or to the customer’s personal circumstances.

HSBC said that customers requesting an offer extension can keep their existing product, and the lender doesn’t need any supporting documents.

However, only one offer extension can be made per application.

Brokers will need to complete and submit an application amendment form through the broker platform to request an offer extension.

If there is a change to the application or the customer’s personal circumstances during the original or extended offer period, the application will need to be updated and resubmitted for review.

HSBC has also updated its process when making a change to an existing mortgage application.

If changes to an application are made outside the last 14 days of the original offer validity period, then a revised offer will be issued in the same validity period.

Changes to the application made within the last 14 days of the original offer validity period will see any revised offer issued with a validity period of no more than 14 days.

HSBC said that revised offers will only be issued subject to the change meeting out lending criteria.

O’Donoghue said: “While six months is usually plenty of time for a house purchase to be completed, there are times when, outside of the purchaser’s control, the process takes longer than expected.

“The homebuying process is stressful enough as it is, so where there is a slight delay, whether that is for a new build or an older home, this move to provide an extension to the mortgage offer should help provide peace of mind that the rate that was secured some months ago will not just disappear after six months.”

Earlier this month, the bank upped rates across its residential and buy-to-let (BTL) range.

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