Applying for a mortgage with HSBC is simple. It involves two key stages: getting Decision in Principle (sometimes called an Agreement in Principle), and then making a mortgage application.
Things you need to know when applying for a mortgage during the coronavirus outbreak
Can I still apply for a mortgage?
Yes, we’re still accepting most applications. However, there are some types of mortgages we can’t currently proceed with.
Following Government advice, all physical valuations are currently suspended. This means we cannot currently accept any applications for a loan of more than 90% of the property value. Any applications for new-build properties will be on hold until a physical valuation can take place.
See our coronavirus frequently asked questions for more information.
How will you assess my income?
We’ve made some temporary changes to how we assess your income. Please check if any of the following apply to you and follow the guidance below.
My income has been affected by the coronavirus outbreak
Please answer Yes to the question “Are you likely to change employment or reduce your income?”
I earn a variable income
We can’t currently take into account any bonus, overtime, or commission income unless you’re an NHS employee, in which case we’ll use overtime pay at pre-March 2020 levels. Please do not complete this section of the application unless you are an NHS employee.
I’m on a zero-hours contract
We can’t take into account this type of income at the moment - unless you’re not the primary earner and work as:
- an NHS bank nurse or locum
- a non-NHS bank nurse
- a care home worker
- a supermarket worker (including delivery driver)
Please do not include income from zero-hours contracts in the application unless it’s for the secondary earner who is employed in one of these occupations.
I’ve been furloughed under the Government's coronavirus job retention scheme
You can still apply. We’ll use the furloughed income and you should put this in the application.
If your employer is paying top-up income, we’ll use this income. Please put the actual level of your income in the application, including the top-up.
Getting your Decision in Principle
Applying for a Decision in Principle can be done over the phone, in branch or online.
- a Decision in Principle will give you an indication of the amount you may be able to borrow based on what you tell us and our security checks, including a soft credit check. A soft credit check will include an initial enquiry against your credit history and it will have no impact on your credit score. This won’t be seen in searches by other companies
- when it comes to considering your application, we'll perform a full credit check, which may highlight anything in your credit history that would affect a mortgage application. A full credit check is a complete check against your credit history which is recorded on your credit file and is visible in searches by other companies
- a Decision in Principle is useful to have if you are house hunting, to show estate agents that you’re serious about buying a property. Please note a Decision in Principle is not an offer to lend to you and does not mean you are committing to apply for a HSBC mortgage
Get a Decision in Principle now
After receiving your Decision in Principle you can choose to receive mortgage advice or, if you already know which mortgage you wish to apply for, you can complete your application entirely online, however, you will not receive advice.
Are you applying online as:
- A new mortgage customer
- An existing customer who is not registered for Online Banking
- Existing HSBC customer who is registered for Online Banking
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Applying for a mortgage
The actual process of making a mortgage application – after you’ve got your Decision in Principle – can be done over the phone, in branch or online.
You will be asked to provide relevant documents to support your application.
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Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What happens next?
Once you’ve submitted your documents to support your application, the following are the key next steps:
- we’ll arrange a valuation of the property
- if your mortgage application is approved, we’ll send you an offer
- after this, the legal work will be conducted
- once all the legal work is finished, your HSBC mortgage will be complete
Existing customer switching rates
If you're an existing HSBC mortgage customer interested in switching to a new mortgage rate, we can help you look at your options.
Started a mortgage application over the phone, in branch or online? Log in to complete your application or track its progress.