HSBC has announced that overseas credit history for UK mortgage applications will now be accepted as part of the application process.
International mortgage applicants will now be able to use their credit history from abroad for a UK mortgage application through Nova Credit, as part of a newly formed partnership with the cross-border credit bureau.
People who have recently relocated to the UK who have come from Australia, Switzerland, the Philippines and the USA will be able to retrieve their credit history for their applications.
HSBC will lend to foreign nationals resident in the UK who have settled or pro-settled status, indefinite leave to remain, indefinite leave to enter or have been granted a right of abode by the Home Office.
Customers must have lived in the UK for at least 12 months at point of application, or have a minimum income of at least £75,000, or a joint minimum income of £100,000).
HSBC will lend up to 85% LTV and the customer must have an acceptable visa type.
Oli O’Donoghue, head of mortgages at HSBC UK, commented: “International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country.
"We’re proud to be the first major bank to provide this innovative service to make it easier for customers to utilisetheir international credit history to help them secure a property in the UK, something that could be vital part of a relocation. It is important that we cater to all our customers, including the needs of our global customers."
