HSBC offer mortgage for expats

The new service, which is available for both residential and buy-to-let property purchases, is designed to minimise the risk of unfavourable exchange rate movements during the lifetime of the mortgage.

The new product is expected to appeal to customers who are paid in USD, EUR or other non-sterling currencies and do not wish to expose themselves every month to repayments that fluctuate according to exchange rate changes. Financially sophisticated customers will also be attracted by financial benefits from choice of currencies.

The facility offers significant benefits including:

* Mortgage borrowings are in a currency denomination that matches the customer’s income – choice of USD, EUR, AUD, NZD, CAD and HKD

* No currency exchange fees are levied on the monthly repayments.

* A currency switching facility allows customers to move their mortgage payments between currencies according to their relative strengths and the interest rates they incur. One currency switch a year is allowed.

HSBC Offshore’s head of international personal banking, Sandeep Sachdeva, said: “The new mortgage facility, designed for internationally mobile individuals, nicely compliments our existing sterling mortgage service. In addition, it offers them a flexible and smart way to free themselves from the worries of volatile currency markets when they decide to buy a UK property. Even better, they are not in for the long term because they can switch from one currency to another when opportunities arise.”