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Getting a mortgage: moving to HSBC

How the remortgaging process works

When you move your mortgage to HSBC you'll be remortgaging – changing your existing mortgage deal. The remortgaging process is straightforward and works in a similar way to getting a standard mortgage: you'll need to apply for a Decision in Principle and then for the mortgage itself.

Table of contents

1. Deciding to remortgage

Your first step is to work out whether it's the right time for you to move your mortgage to HSBC.  

You might be considering remortgaging because: 

  • the fixed rate on your current mortgage is coming to an end
  • you want a better deal that will save you money on your current mortgage
  • your financial circumstances are about to change
  • you'd like to fix your mortgage rate for a few years
  • you're considering borrowing more – for home improvements or to consolidate existing loans or credit card debts

We have a wide range of mortgages at competitive rates. You can find and compare HSBC mortgages online but it's worth bearing in mind the following:

How much to borrow

You can use our mortgage calculator to get a quick indication of the maximum you could borrow, please note this doesn't factor in your individual circumstances and we strongly recommend you follow this up with a Decision in Principle.

Your property may be worth more now than when you took out your original mortgage. This could mean that your Loan to Value (LTV) ratio will be lower than when you took out your original mortgage. For example, if you brought your home for £200,000 and took out a repayment mortgage of £170,000. At the time of purchase, this would give you an LTV of 85%. A few years down the line you may only have £100,000 outstanding on your mortgage,  therefore your new LTV would be 50%. A lower LTV ratio is good news because the rates available are more likely to be better than higher LTV mortgages.

Costs

Make sure you consider all the costs of remortgaging, rather than going straight for the deal with the lowest interest rate. These may include booking fees, completion fees and legal fees. Your current lender may charge you an exit fee and, if you're breaking the terms of your current mortgage – for instance, leaving before a fixed rate period is up – you may have to pay an early repayment charge.

We'll carry out a Standard Valuation of your property to confirm its value. This is for our benefit as a mortgage lender.  We don't charge Standard Valuation fees on our residential mortgages.

Timing

If you're looking to remortgage because your current fixed rate is coming to an end, plan for your new mortgage to start immediately after the fixed period has ended to avoid those early repayment charges.

It can take 8 to 12 weeks to move your mortgage, so don't leave your application to the last minute.

2. Getting a Decision in Principle

Once you've decided to move your mortgage to HSBC, the next step is to apply for a Decision in Principle. This will show how much you might be able to borrow from us. 

It doesn't commit you to anything and it's not a guarantee that we'll lend to you.

You can get a Decision in Principle over the phone, in branch or online. It's based on what you tell us, our security checks and a soft credit check, which will have no impact on your credit score. We'll only carry out a full credit check when you apply for your mortgage.

3. Applying for a mortgage

If you're happy with the Decision in Principle you can go ahead and apply for your new mortgage.

You'll need to provide supporting documents so we can confirm your income and other details. This will include paperwork for your current mortgage and home insurance cover. Have all this ready to help the process go as smoothly as possible.  

Applying in a branch or over the phone

  • Arrange an appointment with one of our mortgage advisers. They'll advise you and take you through your application
  • Before your mortgage appointment, provide us with your supporting documents. This will be explained to you when you make your appointment.

Applying online

  • If you know what mortgage you want to apply for, you can apply online without contacting us but you won't receive any advice 
  • The quickest way to share your documents with us is to use our Mortgage Document Uploader service. We'll email you the link for this after you've completed your application.

 

Once we've got all the information we need, we'll review your application and let you know the decision as soon as possible by phone, email or text.

4. Finding a solicitor or licensed conveyancer

Even though you're not buying a new property, moving your mortgage does involve some legal work. You'll need to appoint a solicitor or licensed conveyancer to deal with this. To find one, you could ask friends for recommendations or search for firms registered locally. 

Once you have chosen your solicitor or licensed conveyancer we will check if they meet HSBC criteria and if they do, then your chosen firm can act for you and HSBC.

5. Valuing your property

We'll arrange for your property to be valued to check that it will provide security for your proposed new mortgage. We won't charge you for this.

6. Reviewing your mortgage offer

If we've approved your mortgage application, we'll send you the offer documents to review, usually by email. You don't need to contact us unless there's anything you don't understand or if something appears to be incorrect. 

7. Finalising the legal work

One of our conveyancing firms will contact you 2 to 5 working days after you've applied to ask you for a little more information about your circumstances. 

Your own solicitor or licensed conveyancer will carry out all your necessary legal checks. They'll also ask your current lender exactly how much you owe on your mortgage.

Finally, they'll send you the legal mortgage document to read and sign in the presence of a witness. Review it carefully.

8. Setting a completion date

Once all the legal work is done you can agree a completion date with your solicitor or licensed conveyancer. This is the date when we'll release the funds for your mortgage and pay off your mortgage with your previous provider. 

You've moved your mortgage to HSBC. 

Contact us

How to apply

New Application

Applying for a mortgage involves two stages, firstly getting a Decision in Principle; secondly making a mortgage application. 

Already started an application?

If you started a mortgage application over the phone or online, you can login to complete it or track its progress.

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.

† Lines open Monday to Friday 8am - 9pm, Saturday 8am - 8pm, Sunday 9am - 6pm. Calls may be monitored and recorded. Opening hours within the mortgage departments may vary.

We're here to help you. Find the answers and while you're at it, tell us how we could do better.