HSBC UK makes product switching available to brokers

Michael Lloyd

March 6, 2019

HSBC UK has made product switching available for its intermediary partners and extended its 0.2% procuration fee for residential and buy-to-let mortgages, to product switching where the mortgages originated in its intermediary channel.

HSBC UK has also added more intermediary partners to its panel, taking the total to 88.

The fee will be payable when: existing HSBC UK customers who originated via a broker take a new product at or post-maturity of their current mortgage, or the mortgage holder is on a fixed rate, term tracker, lifetime tracker or SVR.

Chris Pearson, HSBC UK’s head of intermediary mortgages, said: “Since confirming our presence in the market in July 2015 we have steadily and systematically grown our intermediary panel to ensure we provide brokers with the high level of service they need, alongside attractive products that their clients will want.

“We have listened to feedback from brokers. Following significant investment in our broker platform and significant improvements to make the application process more frictionless, we are now able to accept applications from brokers with returning clients looking to product switch, plus introducing associated procuration fees, more signs of our continued support for the intermediary market.”

Michelle Andrews, HSBC UK’s head of mortgages and savings, added: “The last year has been busy for us in terms of product development, much of which have been dedicated to important changes that help the homebuyers who rely on brokers the most – first time buyers.

“We are making some step changes to our processes to ensure we provide excellent service to customers, whether direct or through brokers, and are commitment to ensuring our products are attractive and take into account wants and needs of modern homeowners.

“While we are looking at exciting developments this year that will help make HSBC a compelling choice, we hope our current suite of products and the new proc fees for switches will help brokers ensure their clients get the product that best suits their needs.”

The lender has also increased its number of business development managers and business development officers to reduce waiting times for enquiries, while it has made its Decision in Principle certificates available quicker.

The additional broker partners means that over 13,000 brokers now have access to HSBC UK’s attractive residential mortgage portfolio.

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