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HSBC mortgage review

We've combined expert analysis with customer feedback to help you decide whether to get a mortgage with HSBC.

In this article
HSBC mortgages customer ratings What kinds of mortgages does HSBC offer? Does HSBC offer the best mortgage deals? Interest rates on HSBC mortgages How much could I borrow from HSBC?
Can I make overpayments? How can I contact HSBC? Buy-to-let mortgages from HSBC HSBC mortgages eligibility What HSBC mortgage customers say

HSBC mortgages customer ratings

Mortgages
HSBC review
Which? Customer Score
Joint 10th out of 25 mortgage lenders
69%
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
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£1 for first month then £10.75/month unless cancelled

The table below shows how HSBC performed in our latest mortgage satisfaction survey, from application process to value for money.

Customer rating for: Star rating
Customer service

3 out of 5

Application process

4 out of 5

Value for money

4 out of 5

Keeping you well informed

4 out of 5

Clarity of statements

4 out of 5

Transparency of charges

3 out of 5

Query and complaint handling

3 out of 5

Ability to overpay or underpay mortgage

3 out of 5

Online access

4 out of 5

 

Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 257 people told us they had their mortgage with HSBC.

What kinds of mortgages does HSBC offer?

When we checked in September 2019, there were around 80 mortgages available from HSBC. Most of these were fixed-rate deals with initial periods lasting two, three, five or 10 years.

There was also a smaller number of two-year tracker mortgages available.

You’ll qualify for a first-time buyer mortgage from HSBC if you’ve never had a mortgage or bought a property before. If you’ve inherited property, you’ll still qualify.

If you’re applying for a mortgage specifically for first-time buyers with another person, only one of you needs to be a first-time buyer in order to be eligible.

Does HSBC offer interest-only mortgages?

Yes, although your income must be at least £100,000 a year.

Does HSBC offer the best mortgage deals?

Which? analysis has found that HSBC offers more cheap mortgages than the average lender.

In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 15, while HSBC featured 50 times. (Data source: Moneyfacts.)

 

 

Interest rates on HSBC mortgages

As well as appearing in many of our 'top-10 cheapest deal' tables, HSBC has generally lower-than-average rates on many of its mortgages.

When we checked in September 2019, most mortgages from HSBC were fixed-rate deals, meaning your interest rate would stay the same for a set period of time. The average interest rate of a two-year fixed-rate deal from HSBC was 1.67%, compared to the industry average of 2.77%.

And when we asked HSBC mortgage customers about the interest rate they were paying, half of them told us they were currently paying between 1% and 1.99%.

How much could I borrow from HSBC?

Below we’ve outlined how much you could borrow on a repayment mortgage from HSBC, in relation to the percentage of the property’s value.

Loan amount Maximum loan-to-value
Up to and including £400,000 95% (90% for remortgaging)
More than £400,000 to £500,000 85%
More than £500,000 to £1 million 80%
More than £1 million to £2 million 75%
More than £2 million 65%

If you earn less than £30,000, you could borrow up to 4.49x your income from HSBC. If you earn £30,000 or more, you could borrow 4.75x. 

Can I make overpayments?

If you have a tracker mortgage, you can make unlimited overpayments without having to pay a charge.

If you have a fixed-rate or discount mortgage, you can make overpayments up to a limit each year. This means you can make extra payments on your mortgage while still paying the fixed or discounted interest rate, without having to pay an ‘early repayment charge.’ The allowance is 10% of what you still owe on your mortgage, on the anniversary date of the start of your fixed or discount rate period.

How can I contact HSBC?

You can contact HSBC on 0800 169 6333.

Its website is hsbc.co.uk.

Buy-to-let mortgages from HSBC

If you’re applying for a buy-to-let mortgage from HSBC, your salary must be at least £25,000 a year. The most you could borrow is 75% of the property’s value.

HSBC doesn’t lend to professional or portfolio landlords. You’re considered a professional landlord if you’re borrowing more than £2m with buy-to-let mortgages (and not just from HSBC) or if more than half of your total gross annual income is from rent.

You’re considered a portfolio landlord if you’ll own four or more buy-to-let mortgaged properties after your mortgage application.

HSBC mortgages eligibility

Income and employment

HSBC has no minimum income requirement for mortgage applicants. 

Leasehold properties

HSBC will lend on leasehold properties as long as they have at least 30 years left on the lease at the end of the mortgage term. 

What HSBC mortgage customers say

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