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HSBC enjoys broker expansion and reveals future plans

HSBC has increased the number of its broker partners to 100, representing 13,500 individual brokers.

This is significant, the bank says, because at the start of 2018 its broker partner count stood at 20 firms.

Expanding its network of brokers isn’t the only plan HSBC is currently implementing, however. When Mortgage Strategy met with head of intermediary mortgages Chris Pearson, he was keen to share news of more developments.

First on the list is the launch of a live chat function, scheduled for July, which will allow brokers to speak to BDMs regarding criteria through the lender’s broker platform.

HSBC has also removed the need for brokers to submit bank statements for most mortgage cases and will use modelled data and other data sources to gather account information instead. However, Pearson says, brokers can still collect and provide physical bank statements to HSBC for due diligence requirements or in more complicated mortgage applications.

The lender has also broadened the scope of its product switching functions – now any HSBC customer regardless of how they originated is eligible rather than a transfer being limited to those who were broker-introduced, as was the case previously.

The bank has simplified things further: if rental income is used to support affordability, brokers will not have to supply the latest buy-to-let mortgage statement, either.

There will be more developers in BTL in due course, too – Pearson says that he is currently gathering broker feedback before launching a product in the first half of next year, “which is likely to be an amateur landlord product, initially.”

Further announcements include the opening of a new telephony team in Leeds, staffed by 20 phone workers, which has brought the time to answer a phone call down to below 20 seconds, Pearson says. He adds that the new team has been designed to work alongside the existing site in Sheffield.

“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,” Pearson comments.

“We understand that buying a house is one of the most exciting times in a person’s life and a very large proportion of the time they want an independent expert to help them through the process. The changes we have made to put in place a simple and straightforward application process helps brokers provide a great service to their clients,” he concludes.


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