View more on these topics

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.

Recommended

Connect and HSBC announce partnership

Connect for Intermediaries has added HSBC to its mainstream residential lending panel. Members of the network will earn a gross production fee of 0.40 per cent and be able to access products that start at 1.54 per cent for a two-year fix and 1.84 per cent for a five-year fix, each at 60 per cent […]

HSBC-Logo-Branch-Building-700x450.jpg

HSBC to pay retention proc fees

HSBC is to start paying brokers retention procuration fees of 0.2 per cent when they carry out a product transfer for clients. The lender now has 88 intermediary firms on its panel meaning that a total of 13,000 brokers have access to its products. The new retention proc fees will be paid when existing HSBC […]

1

Video: HSBC on Brexit, new products and optimism for the market

Ahead of the Mortgage Strategy awards on 26 March, HSBC head of mortgage intermediaries Chris Pearson sat down with editor Rebekah Commane to discuss how Brexit could impact the mortgage market, the lender’s plans for the year ahead and areas that could struggle or thrive going forward.

Newcastle appoints new BDM

Newcastle Intermediaries has appointed Stephen Breen as a business development manager. Breen has over 25 years’ experience in the financial services industry. He has worked at Bradford & Bingley, Furness Building Society, and Stafford Railway Building Society. The new role will see Breen ply his trade in the North West region of England, and the […]

Newsletter

News and expert analysis straight to your inbox

Sign up