HSBC Mortgage FAQs

You can find this information by viewing your mortgage account in online banking, viewing your latest mortgage offer document, or by contacting us using Chat.

You can select a new rate up to 180 days before your current fixed rate comes to an end, without paying an early repayment charge.  The new rate will take effect when your current deal ends.

If you want to switch before your current fixed rate ends, you can do so but this may mean you pay an early repayment charge

If you have a tracker rate, you can move to a new rate at any time without any early repayment charges.

If you applied online, you'll need to digitally sign and submit your offer document.

If you applied over the phone, your offer documents will need to be signed and returned either digitally or in the post and you'll receive a text to confirm when we've received your signed offer.

If you applied through a broker, they'll be able to confirm that the process has been completed.

Inflation doesn't affect your mortgage payments while you're in a fixed rate period.

Yes, you’ll need to log on to continue your application. You can accept your offer by selecting ‘Review offer now’ and following the on-screen instructions to enter your acceptance code.

Once you’ve accepted your offer, make sure you select 'Save and continue' then 'Exit application' to register your acceptance.

If you’re part of a joint application, both parties will need to complete these steps.

It is still possible to get a mortgage with a low credit score, but it depends on how severe the issues were and how long ago they took place. There are ways to improve your credit score, from registering to vote, to avoiding too many credit applications. 

You'll need at least a 5% deposit to take out a residential mortgage with HSBC.

We offer 95% mortgages for first-time buyers.

If you have an HSBC residential mortgage and you want to let your property, you’ll need to apply for consent to let. If we give you consent, it will usually be for 27 months. This is to cover short-term or temporary changes in your circumstances. You can do this either by calling us or using Chat.

You can go to our page on borrowing more or extending your term. From there, you can log on using your online banking details to make your changes. If you prefer, you can call us to arrange an appointment with one of our advisers.

Yes you can switch your buy-to-let rate online. This can be done by visiting our mortgage switching page.

If you are close to the lower LTV rate, there is a possibility you may be able to overpay to benefit from the lower LTV rates offered. You're allowed to make an overpayment on your mortgage. Each mortgage account with an early repayment charge will have its own Annual Overpayment Allowance. We have a dedicated page for overpayments to help answer all your questions. 

Yes, all you need is your sort code and account number for the mortgage you want to switch. Only one of you needs to complete the rate switch as long as you have permission from the other party to the mortgage to act on their behalf.

If you want to switch your mortgage rate and you find yourself in negative equity (the value of your property is less than the outstanding mortgage balance) you can still switch your rate online or over the phone. You'll have access to our rates available at our highest loan to value.

Your mortgage account number and sort code are often displayed together and referred to as your mortgage account number. You can find them on your mortgage statement or offer. You can also see them by logging on to online or mobile banking and looking under 'My Accounts'.

• your mortgage sort code is the first 6 digits of the mortgage account number
• your mortgage account number is the following 8 digits of the mortgage account number

Once you’re logged on, go to the account you’d like to view your statement for.

You’ll then need to select 'Manage' and 'Go to statements'.

If your mortgage payment comes from an HSBC account, you can call us to to change your Direct Debit details or contact us using our Web Chat. We’ll need 10 days before the next payment to collect it from the new account.

If your mortgage payment comes from another bank, you’ll need to complete a new Direct Debit mandate. Call us or send us a message online to ask for a form, which we’ll send to you in the post. Once you’ve returned the form, we’ll need 10 days before the next payment to collect it from the new account.

You can change the date of your monthly payment by calling us or using Chat as long as the correct payment is made in each calendar month. Please note only 1 Direct Debit claim can be made in a calendar month. If we don’t have time to collect a payment within the same month, this will extend the term of your mortgage by 1 month.

Interest is charged daily and is passed to the mortgage a month in arrears. Where the period between your existing and your proposed monthly payment dates is more than 1 month, this will result in the next payment being increased. This is to include the extra days’ interest. From then on, monthly payments will revert to the standard monthly payment amount.

If the period between the existing and proposed date is less than a month, the standard payment will be collected. This will result in more of your payment being applied to reduce the principal balance of your mortgage. Please note: if you decide to go ahead with the change, we’ll need at least 7 working days’ notice before your payment is due to update our records.

You can get a redemption figure quote by logging on to online banking. From your mortgage account, select 'Manage' and ‘Request redemption quote’.

Your redemption figure will be generated within a few seconds, and will be available to download and print immediately. This quote will be for indicative purposes only and is only valid for the day it was produced. If you need the redemption figure as part of a remortgage or purchase application, the solicitor or conveyancer acting on your behalf will need to ask for this.

We'll provide you with a redemption statement, which includes the amount you need to repay. This figure assumes that all of your standard monthly payments up to and including the date of the statement will be met.

To avoid the possibility of any underpayment of your mortgage, don't cancel your Direct Debit. If your mortgage is repaid within 5 working days of your standard monthly payment date, your Direct Debit may still be collected. If any payments aren't met, we can’t close your mortgage account until the remaining balance is received.

When you’ve repaid your mortgage in full we'll cancel your Direct Debit. We’ll also refund any excess you may have repaid over the redemption figure within 7 working days.

Your early repayment charge is 1% of the amount paid over your annual overpayment allowance for each remaining year of the fixed rate. This amount reduces on a daily basis. 

The exception to this is the 10-year fixed rate, where the early repayment charge will be a maximum of 5% over your annual overpayment allowance for the first 6 years and will then reduce by 1% each year. 

Example:

You exceed your annual overpayment allowance by £10,000 with 493 days remaining on the fixed rate

£10,000 x 1% ÷ 365 x 493 = £135.07 early repayment charge.

If you’re on a fixed rate, there will be no change to your payments.

If you’re on a tracker rate, there will be an impact on your payments. As the base rate changes, your standard monthly payment will change in direct relation to the base rate change. For example, if the Bank of England base rate increases, your monthly payment will also increase. This takes effect within 1 day of the change and we’ll contact you to confirm the impact.

If you’re on our standard variable rate, your payments are not contractually tied to the Bank of England base rate. However, we may choose to change our standard variable rate to mirror the base rate. If we make changes to our standard variable rate, and this has an impact on you we'll contact you to confirm the change. 

Your standard monthly mortgage payment is the amount you pay each month as a contractual payment. Its calculation is based on your repayment method.

For interest-only mortgages, the standard monthly payment is equal to the interest that has accrued on the capital balance of your loan. It’s based on the total interest payable over the term of your mortgage, divided by the number of monthly payments.

For capital repayment mortgages, the standard monthly payment includes both the interest that has accrued on the capital balance of your loan and part of the capital. It’s calculated to make sure that, if you make all of the required payments in full and on time, your mortgage will be repaid by the end of the term as shown on your mortgage offer.

Your first mortgage payment cannot be taken in the first 28 days after your mortgage starts. This means we may not take a payment in the first month of your mortgage.

You'll receive a letter confirming your first payment date and amount along with what your subsequent monthly payments will be.