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4th March 2019, HSBC for Intermediaries

Introducing product switching to existing borrowers

HSBC UK for Intermediaries is pleased to announce that product switching is now available for existing HSBC UK mortgage customers.

To help you submit a product switch application, please refer to the below frequently asked questions:

How do I submit a product switch application?

Log-on to the broker portal as normal and select ‘Existing customer’. You will be required to validate your customer’s identity in order to retrieve their mortgage details and proceed with a product switch application. All customers who are party to the mortgage will be notified via email or SMS that a product switch application has commenced.

NB: Product switching refers to changing your customer’s rate only and no other element of their mortgage.

When can I submit a product switch application?

You will be able to submit an application up to 90 days in advance of the switch date.

NB: If the anticipated switch date is prior to the end of the deal period, ERCs may apply and will be displayed prior to application submission.

If my customer has ERCs to pay, how will these be collected?

The Broker support team will contact the customer once the offer has been accepted to collect the fees.

Can I amend a submitted product switch application?

If you need to amend any information after you've submitted the application, please fill out the Application Amendment Form and upload and submit through the ‘Evidential documents’ section on the broker portal. This will then be sent through to one of our team to make the relevant updates.

NB: If you need to amend any information after you've submitted the application, please fill out the Application Amendment Form and upload and submit through the ‘Evidential documents’ section on the broker portal. This will then be sent through to one of our team to make the relevant updates.

Can I cancel a product switch application?

Yes, if the application has not yet been submitted, you can cancel this via the web portal. If the application has been submitted, and the new product switch hasn’t yet taken effect, please contact the Broker Support Team on 0345 600 5847.

Which customers are eligible to product switch?

A mortgage account must have originated in the intermediary channel to be eligible to switch.

Can I switch a product that was originated via another broker?

Yes, as long as the mortgage originated through the intermediary channel, regardless of which broker or firm completed the loan originally, you can submit a product switch application.

Can I switch multi-part mortgages?

Yes, you can elect which loan parts to switch and all parts must be switched on the same date.

If you wish to switch multiple parts on different switch dates, these must be submitted as separate applications but you may only have one ‘in progress’ application at a time.

Will the product switch offer be signatureless?

Yes, the acceptance of the offer document is completed by the broker on behalf of the customer via the web portal. It is important that this is completed ahead of the anticipated switch date to avoid any delays in the product switch being applied.

What if the customer does not agree with the estimated property valuation provided?

The estimated property valuation is updated regularly. If your applicant feels that there are significant differences in their property value which may not be reflected in this, you will have the option to instruct a professional valuation. In doing so, this may cause a delay to the product switch taking effect and in the event of a down valuation, you may need to select a different product at that time.

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