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Mortgage Frequently Asked Questions

We’ve answered the common questions we hear you ask about our mortgages.

 

If there are any mortgage terms you need help to understand, check out our jargon busters.

 

Applying for a mortgage

Can I accept my mortgage offer online?

Yes, you’ll need to log on to continue your application. You can accept your offer by selecting ‘Review offer now’ and following the onscreen instructions to enter your acceptance code.

Once you’ve accepted your offer, make sure you select ‘Save and continue’ then ‘Exit application’ to register your acceptance.

If you’re part of a joint application, both parties will need to complete these steps.

I’m part of a joint application - how long do we have to sign the offer before it expires? 

Our mortgage offers are valid for 6 months. Once the first applicant has accepted the offer, you have two weeks for the second person to complete the process too. If both parties don’t sign the document in this time, the offer will need to be reissued. To reissue your offer document, please log in to your application.

Making changes to my mortgage

Can I let my property?

If you have an HSBC residential mortgage and you want to let your property, you’ll need to apply for our Consent to Let. If we give you consent, it will usually be for 24 months. This is to cover short-term or temporary changes in your circumstances.

How do I change owner and/or borrower details?

If you want to change the owner and/or borrower details, you’ll need to apply to change these details. There are a few ways you can choose to do this:

You can log on to online banking and from your mortgage account, select 'Manage' and 'Make other changes'.

If you’re not registered for online banking, you can register now.

You can also go to our ‘Apply now’ page. Select ‘Get started’ and once you confirm you’re eligible to apply, you’ll need to select ’Changing existing HSBC mortgage’. This will allow you to submit an application to change these details.

Switching my mortgage rate

Can I complete my Rate Switch online if I have a Buy to Let Mortgage?

Yes, you can complete this online.

We’ll let you know if we need anything from you. 

I’m part of a joint application - how long do we have to sign the offer before it expires? 

Our mortgage offers are valid for 2 weeks. Once the first application has accepted the offer, you have two weeks for the second part to complete the process too. If not acknowledged by both parties, the offer will need to be reissued. Please log in to internet banking to accept the offer.

Can I make an overpayment on my mortgage to benefit from the lower Loan to Value (LTV) rates that HSBC offer?

If you are close to the lower LTV rate, there is a possibility you may be able to overpay to benefit from the lower LTV rates offered. You are allowed to make an overpayment on your mortgage. Each mortgage account with an early repayment charge will have its own Annual Overpayment Allowance.  We have a dedicated page to help answer all your questions. 

If only one party is registered for online banking, can we still switch to a new mortgage rate online for a joint mortgage?

Both applicants will need to be have access to online banking in order to complete the Rate Switch online.

You can register for online banking here.

 

Managing my mortgage online

What is my mortgage sort code and account number?

Your mortgage account number and sort code are often displayed together and referred to as your mortgage account number. You can find them on your mortgage statement or offer. You can also see them by logging on to online banking and looking under ‘My Accounts’. 

  • your mortgage sort code – the first 6 digits of the mortgage account number. This will always begin '40'
  • your mortgage account number – the following 8 digits of the mortgage account number

How can I send a message online?

Sending a message online is a quick and easy way to get in touch and we usually respond within 1 working day.

Log on to online banking, and select the envelope at the top of the page to send us a message.

Make sure you select ‘Home buying’ for the message to come straight through to the mortgage department.

How do I view my statements online?

Once you’re logged in, go to your ‘My Accounts’ page and select the account you’d like to view your statement for.

You’ll then need to select ‘Manage’ and ‘Go to statements’.

If the period you need isn’t available, you can use the 'Search' option to select the appropriate dates.

How do I get a tax certificate for my mortgage account?

You’ll need to send a message online. Make sure your request includes the tax year you need this to cover. Or, if you need this annually, let us know and we’ll post it at the beginning of each UK tax year unless you request otherwise.

Once we receive your request, we will post this to you within 7 working days.

How do I change my Direct Debit account details?

If your mortgage payment comes from an HSBC account, you can log on to online banking, select the account your payment is paid from and go to ‘Manage’, then ‘Direct Debits’ to make changes.

If your mortgage payment comes from another bank, you’ll need to complete a new Direct Debit mandate. Call us or send us a message online to ask for a form, which we’ll send you in the post. Once you’ve returned the form, we’ll need 10 days before the next payment to collect it from the new account.

How do I change my repayment date?

It’s possible to change the date of your monthly mortgage payments as long as the correct payment is made in each calendar month. Please note only 1 Direct Debit claim can be made in a calendar month. If we don’t have time to collect a payment within the same month, please be aware this will extend the term of your mortgage loan by 1 month.

Interest is charged daily and is passed to the loan a month in arrears. Where the period between your existing and your proposed monthly payment dates is greater than 1 month, this will result in the next payment being increased to include the additional days’ interest due. Subsequent monthly payments will revert to the standard monthly payment amount.

If the period between the existing and proposed date is less than a month, the standard payment will be collected. This will result in more of your payment being applied to reduce the principal balance of your loan. Please note: if you decide to go ahead with the change, we’ll need at least 7 working days’ notice before your payment is due to update our records.

If you’ve made any lump sum payments, your monthly payment would be recalculated.

Can I ask for a quote to redeem my mortgage online?

You can get a redemption figure quote by logging on to online banking and from your mortgage account, selecting 'Manage' and ‘Select changes’. From here, you’ll then be able to ask for a redemption quote.

Your redemption figure will be generated within a few seconds, and will be available to download and print immediately.

This quote is for your indicative purposes only. Your solicitor will have to ask for an official redemption statement if necessary. 

You can get a redemption figure quote by logging on to online banking and from your mortgage account, selecting 'Manage' and ‘Select changes’. From here, you’ll then be able to ask for a redemption quote.

Your redemption figure will be generated within a few seconds, and will be available to download and print immediately.

This quote is for your indicative purposes only. Your solicitor will have to ask for an official redemption statement if necessary. 

Fees, charges and payments

How are early repayment charges calculated?

Your early repayment charge is 1% of the amount paid over your annual overpayment allowance for each remaining year of the fixed or discount rate period. This amount reduces on a daily basis.

Example:

You exceed your annual overpayment allowance by £10,000 with 493 days remaining on the fixed rate

£10,000 x 1% ÷ 365 x 493 = £135.07 early repayment charge

How are my Direct Debit mortgage payments affected by a change in the Bank of England base rate?

If you’re on a fixed rate, there will be no change to your payments.

If you’re on a tracker rate, there will be an impact on your payments. As the base rate changes, your standard monthly payment will change in direct relation to the base rate change. For example, if the Bank of England base rate increases, your monthly payment will also increase. This takes effect within 1 day of the change and we’ll contact you to confirm the impact.

If you’re on our standard variable rate, your payments are not contractually tied to the Bank of England base rate. However, we may choose to change your rate to mirror the base rate. If we make changes to your rate, we’ll always contact you to confirm the change. 

What is the standard monthly mortgage payment and how is it calculated?

Your standard monthly mortgage payment is the amount you pay each month as a contractual payment. Its calculation is based on your repayment method.

For interest-only mortgages, the standard monthly payment is equal to the interest that has accrued on the capital balance of your loan. It’s based on the total interest payable over the term of your mortgage, divided by the number of monthly payments.

For capital repayment mortgages, the standard monthly payment includes both the interest that has accrued on the capital balance of your loan and part of the capital. It’s calculated to make sure that, if you make all of the required payments in full and on time, your mortgage will be repaid by the end of the term as shown on your mortgage offer.

Contact us

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.

† Lines open Monday – Saturday 08:00 – 20:00, Sunday 09:00 – 18:00. Calls may be monitored and recorded. Opening hours within the mortgage departments may vary.

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