Find out how to apply with HSBC
Applying for a mortgage with us is simple - we'll guide you through the process from start to finish. First, you'll need a pre-approval from a mortgage specialist, then you can formally apply for your mortgage.
Step 1: Get a pre-approval
A pre-approval is the first step to apply for a mortgage with HSBC:
- it'll give you a good idea of the amount you may be able to borrow
- it's valid for 90 days
- it won't impact your credit score
We aim to provide a pre-approval on most mortgage applications on the same working day.
To request a mortgage pre-approval, please book an appointment with one of our specialists.
You can also call us directly on +1 441 299 5959, email bermuda.mortgage.team@hsbc.bm or visit your local branch.
Step 2: Instructing a lawyer
After receiving your pre-approval, you'll be asked to instruct a lawyer to handle the application process on your behalf.
Before you instruct a lawyer, please ensure that the firm is listed on our list of permitted law firms. Our full list is available from any branch and is updated monthly.
Your lawyer will be asked to prepare a Sales and Purchase agreement, which should be provided to your HSBC mortgage specialist once it has been completed.
Step 3: Property appraisal
We'll instruct an appraisal on your property to be carried out by an HSBC-approved Property Appraiser. This report is used to determine the current market value of the property.
The fee for this service is generally in the region of $500 to $800. You'll have an opportunity to select an appraiser at your first appointment with your HSBC mortgage specialist.
Step 4: Credit check
Once we have all the information we need, we'll carry out a full credit check to consider your application. This is to highlight anything in your credit history that could affect your mortgage application.
Step 5: Provide documentation
Once the appraisal is complete, we'll ask you to provide some documentation so that we can finalise your mortgage offer.
What happens next?
Once you've submitted the documents to support your application, we'll make a decision on whether to approve your mortgage offer.
Reviewing your offer
If you're successful, we'll invite you for a meeting to review the offer. You can then sign your mortgage application letter and offer letter. These documents will explain the closure of the mortgage, payment details and all other necessary information.
Finalising the legal work
Your lawyer will be responsible for finalising the outstanding legal aspects of the mortgage. This includes carrying out any necessary enquiries and sending the signed agreement to Credit Services, who'll instruct on final closure of the documents.
Exchange and complete
Once all the legal work is complete, you can agree a completion date and exchange contracts with your seller. You'll then need to purchase buildings and contents insurance. HSBC can offer all of these products, but you can also purchase them from a third party if preferred.
On the agreed completion date, we'll release the funds for your mortgage. Congratulations on owning your new home!
Switch your existing HSBC mortgage rate
If you're interested in switching your existing mortgage to HSBC from another supplier to a new rate, you can take advantage of our Switch and Save offer to enjoy great rates with no bank fees.
