Mortgages in seven currencies

Along with a range of mortgages in sterling, HSBC Bank plc offers Foreign Currency Mortgages - available in euro, and in US, Australian, New Zealand, Canadian and Hong Kong dollars.

As well as being able to borrow in the same currency as your salary, you'll be able to switch the currency of your mortgage once a year - useful if you're moving country and will be paid in a different currency, for example.

Eligibility: Open to non-UK residents aged 18 and over only.

Mortgage type: Capital repayment and Interest only.

Term: Capital repayment mortgages: you can borrow for up to 25 years

Interest only mortgages: you can borrow for up to 15 years

Rate: 1.5% over relevant currency base rate

Amount you can borrow: Minimum USD100,000 or currency equivalent, Maximum USD1 million or currency equivalent.

a. You may borrow up to 70% of the professional valuation or purchase price (whichever is lower); and:

b. Notwithstanding salary multiples (see below), your total financial commitments, including the proposed mortgage, must not exceed 60% of your net income. (Overtime, bonuses etc. are excluded unless guaranteed in writing).Up to 80% of any UK rental income (either currently, or to be received), will be included within calculations.

Salary multiples: a) Sole applicants - 3.25 x annual salary b) Joint applicants - 3.25 x highest salary + 1.25 lower salary OR 2.5 x combined annual salary

Arrangement fee: USD1,250 or currency equivalent.

Repayments: You'll need to have, or to open, an Offshore Bank Account in the same currency as the loan. You should open this account before your mortgage is processed, in order to avoid delay in the completion of your Foreign Currency Mortgage. Your repayments will be debited monthly to your account. During the term of the loan the repayments may be adjusted to take into account any change in base rate. This will ensure that the loan is repaid within the term.

Currency switching: You are able to request that we switch the currency of your mortgage. You can only do this once in every 12 month period, commencing from the date of the initial drawdown. A fee of £250 or currency equivalent will be charged for this service.

HSBC Bank plc will only agree to the request to switch currencies if, at the date of the request, the resultant mortgage (at the spot rate of exchange on the day) is equal to the sterling equivalent of the existing currency mortgage immediately preceding the switch (again, by reference to the spot rate of exchange on that day).

The switch of the currency of the mortgage is also subject to the Loan to Value percentage not being exceeded. If it is exceeded, partial repayment of the mortgage will need to be made to restore the Loan to Value percentage before the currency can be switched.

Security: HSBC Bank plc will take first legal charge over the property to be purchased.

Life cover: For Capital repayment and interest only loans you should ensure that adequate life cover is in place at all times. You are not, however, required to deposit the policy with HSBC Bank plc.

For endowment and pension loans, it is a condition of the loan that the associated policy is deposited and formally assigned to the bank.
We can help you choose from a variety of policies tailored to meet your individual needs.

Buildings/Contents insurance: HSBC Bank plc can arrange buildings cover unless the property is leasehold. Contents cover can also be arranged if required.

Property type: Freehold or leasehold, with a minimum period of 25 years of the lease remaining beyond the term of the mortgage. The property must be purchased with full vacant possession.

Tenancy: Property can be let. Approval will be given once application process is completed.

Number of purchases: One property under the Property Purchase scheme. It is not possible to take out two different currency mortgages to purchase one property. For Investment mortgage, any number of properties with a total value not exceeding USD1million or currency equivalent.

Employment status: Applications are generally only accepted from customers in salaried employment, or those in "professional" occupations such as doctors, solicitors and accountants.