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A major bank is introducing technology to make UK mortgages more accessible for international home buyers.
HSBC UK said the initiative will allow international mortgage applicants to retrieve their credit history for a UK mortgage application.
The bank said it will make the mortgage process more streamlined for non-resident customers from Australia, Switzerland, the Philippines and the United States.
International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country— Oli O'Donoghue, HSBC UK
It said it will also ease the process for those who have recently relocated to the UK within the past 12 months from one of 14 eligible regions – Australia, Austria, Brazil, Canada, Dominican Republic, Germany, India, Kenya, Mexico, Nigeria, Philippines, Spain, Switzerland and the US.
Previously, international customers were required to obtain and translate their own credit reports, the bank said.
But the new digital service brings various credit bureaux connections together in one place.
A report will be generated in English and added automatically to the mortgage application.
The service will initially be available on mortgage applications made directly to the bank, which has partnered with cross-border credit bureau Nova Credit.
Oli O’Donoghue, head of mortgages, HSBC UK said: “International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country.”
The initiative follows a similar move last year by the bank, which offered international customers the ability to use their credit histories from a previous location to help them apply for a credit card.
