HSBC Criteria

bmtt

Hello,

I was hoping that this message would reach some mortgage advisors/brokers on here.

Could you tell me please (as much as you are willing to) what is HSBC's Mortgage lending criteria and how different is it to say other high street banks? I've heard many stories about how they are the most strict when it comes to who they pick.

Although these lenders don't publish their criteria, I would guess that most brokers have a reasonable idea on what each bank looks for so would appreciate some pointers.

Thank you

kingstreet

I have no idea about HSBC's (unpublished) criteria.

Sorry.

Rollinghills

HSBC have not historically offered mortgages via brokers, I believe they only started recently and only via one broker.

We applied to HSBC in 2012 and got approved within 10 days. We applied to Nationwide last month and it's been taking forever.

HSBC I think have a high income requirement - but that should be obvious when you fill in the 'how much I can borrow' form.

Malmo

See this official HSBC press release about their decision to offer products via Countrywide Mortgage Services, up to a maximum 80% LTV.

pinkteapot

I've had a few different mortgages with them. This is all I've learned about their criteria:

• They only lend to people in permanent jobs, and not if you're on your probationary period at the start. At one point I was in a two-year contract job and they wouldn't consider my salary.
• They want an excellent credit rating. If you have any sort of credit history issue at all (late payments, up to worse problems), don't bother.
• They lend lower multiples of salary than some other lenders. The time above, when I was in a contract role, they wouldn't lend hubby as much as we wanted based on his salary alone. We got a mortgage with Santander, who also wouldn't consider my salary but would lend hubby alone £50k more than HSBC would. As the poster above said though, this should be obvious from their max lending calculator on their website.

In short, they offer some good rates by running a low-risk loan book.

I've found them helpful in branch and on the phone and each of our applications has been processed quickly. Why not have a chat with them, be honest about any possible issues with your job and credit history, and see what they say? That's assuming they're offering the best rate for the product you want.

You can get an idea of how much each company will lend you on their websites. It might be helpful if you post any criteria you're worried about in your case (eg credit history) and then the brokers here can give more advice.