Rise of the ‘Zoom mortgage’ as HSBC UK expands video appointments for home loans

HSBC UK customers can get a mortgage without leaving their existing home as the bank makes use of the boom in video conferencing.

With physical access to banks restricted and face-to-face mortgage appointments in branch not currently possible, the bank has expanded its use of video appointments, using Zoom technology.

This will help those looking to either remortgage with HSBC UK, or go ahead with an application to purchase a new property.

It means people can have face-to-face mortgage advice, using technology they may well have become more familiar with during the coronavirus lockdown.

Any supporting evidence needed can also be uploaded electronically onto the system by the customer, meaning they can take out a mortgage without needing to leave the comfort of their own home.

Social-distancing measures and limited opening hours due to the coronavirus pandemic mean HSBC UK branches have not been able to make face-to-face appointments for mortgage advice.

The bank has previously offered customers mortgage appointments by video, but that was in branches.

Michelle Andrews, HSBC UK’s head of buying a home, said: “HSBC UK was one of the first providers to offer mortgage appointments by video, with that technology only accessed through appointments in our branches.

“That change meant that customers had greater access to mortgage advice with more appointments available and more flexibility with appointment times, and customers wouldn’t be hamstrung by the availability of mortgage advisers being physically available in a local branch.

“We have learnt from our experience in providing virtual mortgage appointments in our branch.

“The introduction of Zoom mortgage appointments is taking this one step further and providing a solution to help with the current situation.

“This will help us work together with our customers, and help us continue to support them at this difficult time. For some it will mean they are able to buy their first property, for others it will mean being able to upsize with a growing family or having decided to live with extended family or elderly relatives.”

Ms Andrews added: “We are able to satisfy all of our regulatory requirements to provide bespoke advice remotely.

“All videos will have the audio recorded and we are using software most people are using at home themselves and are familiar with. We believe this gets you as close to a face-to-face meeting as possible, without being in the same room.”