HSBC has captured 80% of the broker market

Ryan Bembridge

June 26, 2019

HSBC has now signed with 100 mortgage broker partners, meaning the lender has captured at least 80% of the intermediary market.

The partner count is up from just 17 at the start of last year, while it amounts to 13,500 individual brokers.

Chris Pearson, HSBC UK’s head of intermediary mortgages, said: “We embarked on the epic journey to make our mortgages available to brokers four years ago, continually bringing on board more broker partners whilst improving the way we work to provide a better service.

“During that time we put in place a whole new platform for brokers and also simplified our processes so that brokers and customers find it easy to do business with us.

“So in addition to having a wide range of consistently great value products, we now have some of the best turnaround times as well.”

Brokers can now retain existing HSBC mortgage customers regardless of whether they originated through the broker network or direct to the lender, after HSBC opened product switching to everyone.

HSBC does not require bank statements. Instead it gathers information from other sources, reducing the demands on the customer and speeding up the application process.

The lender has also removed the need to provide the latest buy-to-let mortgage statement, where rental income is used to support affordability.

HSBC will widen its proposition by launching into buy-to-let in the first half of 2020.

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