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HSBC mortgage Reviews
With over 40 million customers, HSBC is one of the largest banks worldwide. Within the UK, HSBC banks offer financial services for both personal and business customers. Being such an established bank, many customers turn to HSBC for their mortgage needs. If you’d like to find out if they have the best mortgage deal for you, try Quotezone’s easy to use comparison tool.
Using our tool you’ll be able to compare HSBC mortgages with other providers.
Is it hard to get a mortgage with HSBC?
HSBC’s rejection rate falls in line with other leading mortgage lenders. Research suggests that you’re unlikely to be accepted for an HSBC mortgage if:
- You don’t meet HSBC’s affordability criteria – based upon a multiple of your annual income. The standard calculation is 4.5 times your salary, but for some applicants, HSBC uses 4.49 times the salary instead.
- You failed their credit check – with debt management plans, a recent county court judgment or arrears on a debt often automatically fails an application.
- You’re self-employed with poor proof of income – especially if you have fewer than two years accounts to offer as evidence of income.
- Survey issues arise – a common reason for a mortgage application to fail as many lenders won’t approve certain types of building construction.
Is HSBC good for mortgages?
HSBC is certainly a very popular mortgage lender in the UK. It is a regular winner at the MoneyFacts and Mortgage Finance Gazette Awards.
Which? customer reviews for HSBC mortgages are favourable and the lender sits midway in their top lenders table. The lender gains its best ratings for customer service, value for money and clarity of mortgage statements.
If you’re keen to find the best mortgage rates, HSBC has made several competitive rate reductions in recent years.
It is a good idea to read HSBC mortgage reviews and compare HSBC mortgages with other providers to get a clear picture of what HSBC offer.
What type of mortgages are offered by HSBC?
As you might expect from a global bank, HSBC has a comprehensive range of mortgages available, including options for:
- First time buyers (including those with a 5% deposit.
- Those looking to remortgage.
- New customers looking for a mortgage for their next home.
- People looking to a buy a property to let.
What repayment options are available with an HSBC mortgage?
If you want to take out an HSBC mortgage, you need to decide how you’d like to pay that back. You can choose between a:
- Fixed rate – where HSBC will offer you a fixed interest rate over an agreed term (two, three or five years), and this will allow you to know exactly what you’ll be paying each month over that term.
- Tracker – where the interest rate you’re paying tracks the Bank of England’s base rate, and this will sometimes offer you savings – but not always!
- Capital repayment – where you’ll pay back some of your loan plus interest each month.
- Interest only – where you’re only paying the interest on your loan, making for cheaper monthly payments but you won’t be paying off any of the loan lump sum.
If you’re ready to find a new mortgage, compare HSBC mortgages now.