HSBC will now let international homebuyers use their overseas credit histories to apply for a mortgage.

The initiative, aimed at making UK mortgages more accessible for foreign customers, was launched in partnership with Nova Credit, a company that gives credit providers instant access to international credit history in a uniform format. 

HSBC says the move represents the first of its kind ‘ever launched by a major bank.’

Customers from outside the UK previously had to source and translate their own credit reports before applying for a mortgage at their own cost and time. The bank said the new technology will eliminate the time-consuming and potentially costly process, with new reports being generated in English and added automatically to the mortgage application. 

The service will apply to non-residents customers coming from eligible countries, including Australia, Switzerland, the Philippines and the USA, and international clients who relocated to the UK within the last 12 months from a list of 14 countries.

Oli O'Donoghue, head of mortgages at HSBC UK emphasised that 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 utlilise their international credit history to help them secure a property in the UK, something that could be vital part of a relocation,” he said. “It is important that we cater to all our customers, including the needs of our global customers.”

HSBC previously partnered with Nova Credit to help customers apply for a credit card by using their credit history from a range of selected foreign countries, including Australia, Brazil, Canada, India and Mexico.

The service allows Nova Credit to access a translated version of customers’ credit history for the sole purpose of the credit card application.

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