HSBC Tracker Mortgage BBR plus 1.69%

Does anyone know if I'm eligible to apply to re-mortgage my former residential mortgage in N. Ireland with HSBC even though I now live in the U.S.A.? My N. Ireland mortgage is not currently with HSBC.

According to the following HSBC will consider my U.S. HSBC credit history which is portable therefore ensuring immediate access to credit products in the U.K.

http://www.us.hsbc.com/1/2/3/international-services/international-traveler [nofollow]

I have a HSBC mortgage and checking account here in the U.S.A and have established an excellent credit history with HSBC in the U.S.A

I would dearly love to be able to remortgage my former residential mortgage in N. Ireland to the following HSBC mortgage product

https://mortgages.hsbc.co.uk/product/188-life-time-tracker-special [nofollow]

What is the likelihood of being able to do this? My U.S. salary will more than cover the salary requirements for re-mortgage eligibilty with HSBC

This is a question that you should probably be asking HSBC.

I've repeatedly contacted HSBC and I can't get a straight answer from them. They take several days to respond and then tell me that they need to refer my inquiry to another department. Its very frustrating.

Has anyone ever obtained one of HSBC's U.K. residential mortgages based on a salary obtained from outside the U.K. where HSBC have a presence? Assuming the applicant has accounts with HSBC and an excellent credit history with them in that country

https://mortgages.hsbc.co.uk/ [nofollow]

I simply want to know if this is possible or not...

British expats in Switzerland have frequently complained that they're unable to re-mortgage their homes in the UK with a UK bank because they're no longer resident in the UK. Based on the experiences I've heard from them, I'd guess you'd struggle to get HSBC to go for it since you're living in the US. You might get HSBC to do a mortgage for you from their US division, but that's a long shot.

Hi Ciaran,

I'll stick my neck out a little here. You reside in the USA, I'll presume your 'life' is now set there and you don't have any financial ties to the UK? be that in bank accounts and tax domicile, savings etc? (I know you say you have a current mortgage in N.I)

In that case you'd be a 'foreign' investor, and I'd have thought with a big enough downpayment/deposit you could potentially secure this mortgage. When money was being thrown around like confetti a few years ago, 'foriegn' investors could put down perhaps typically 25% downpayment and they'd pretty much get mortgaged for the rest with minimal credit history etc etc. Of course, now after the bubble burst - it's still possible to get the same, however I'd estimate you'd need to show 50%+ downpayment and perhaps some more proof of income etc. I know you say you are re-mortgaging, so you'll be assessed on the amount you want to borrow.

Only you can assess your personal scenario, your income levels etc to see if you'd be able to get re-assessed.

Lending here is all but stopped, and to get the best rates, like this mortgage seems to be currently, you have to be squeeky clean on UK credit history and have a very large deposit. As far as I'm aware - the HSBC premier account listed on one of the links, requires you to have $100,000 in balances in the account.

finally, be very aware..   as thats a tracker (which is the mortgage I have - I pay a Base Rate +1% rate) and the fact interest rates are ONLY going to go up over the next few years, ENSURE you factor that into any repayments. Call it 'early' scaremongering if you like, but some current reports say interest rates could rise as high as 8-9%, by adding on your tracker rate - do your calculations now at potentially 10.6% or slightly more!

Good luck!
DtM! West London & Slough UK!