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HSBC launches 20-minute mortgage decision system

HSBC has launched two new online mortgage services, one of which allows customers to receive a mortgage decision within 20 minutes.

Mortgage Product Switcher also allows current mortgage customers to transfer their mortgage to any of the bank’s latest deals in 15 minutes.

Martijn van der Heijden, head of lending at HSBC, says: “Our customers want to make more financial decisions online, and we feel there is no reason that mortgages should be an exception.

“The new online capability makes it even easier for a customer to apply for an HSBC mortgage.

“The Mortgage Product Switcher service is ideal for the majority of borrowers who at the end of their current deal just want a new great rate, not more borrowing or a different term. It’s simple and provides our current mortgage customers with a paperless way of effectively remortgaging in just minutes.”

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  • Andy 21st September 2011 at 10:33 am

    Everyone’s missing the point. This is a service for existing customers coming to the end of their mortgage deal with HSBC. If they are offered a choice of new business rates and a simple way to switch to them it’s great news for the customer. And in reality it makes no difference to brokers as no broker will put a customer to HSBC for reasons we all know well. I’ve got an HSBC mortgage and so am glad they’ve introduced this. I’ll still shop around and if a broker can show me a better deal next time it won’t stop me switching and using their service.

  • Kevin Vella 21st September 2011 at 10:31 am

    Why would “Anom | 21 Sep 2011 9:43 am” state that HSBC do not wish to be exposed to fraud and so avoid mortgage brokers … does this mean that 90% of the market is in bed with the devil? Does Anom think that bank staff are whiter than white ? perhaps anom should ask UBS what they think ?

    I find this remark silly.

  • Anom 21st September 2011 at 9:43 am

    All of these comments are whingeing brokers. As for the one that was:

    Anonymous | 20 Sep 2011 2:03 pm
    Great! 20 minutes to make one of the biggest financial decisions of your life

    I think you will find most brokers get a DIP decision is far less than 20 mins. Self serving whining mortgage brokers who just dont like the fact that they are being blown out of the water by HSBC who dont want to be exposed to fraud by dealing with brokers?

  • Mark Stroud 20th September 2011 at 2:03 pm

    Great! 20 minutes to make one of the biggest financial decisions of your life.

  • m wells 20th September 2011 at 11:38 am

    GREAT NEWS … only 20 minutes for hsbc to tell you that you are not the lowest risk in the world and we don’t want your business … then let the professional broker offer advice, assistance and support.

  • Tom Cleary 20th September 2011 at 11:37 am

    That is brilliant news! HSBC have reduced their mortgage decision time to twenty minutes from eight weeks!? They are having a laugh aren’t they?!

  • James Baxter 20th September 2011 at 11:11 am

    If ever there was a time to get advice as to the best product to switch to when re-mortgaging, now must be that time, HSBC seem to assume that they offer the best trackers, fixed rates and flexibility in the market – I don’t think so !!!!