Accounts Requirement: HSBC usually wants two full years of accounts or SA302s if you’re self-employed or running your own limited company.
Umbrella Contractors: Applications are generally treated as employed if income is paid through PAYE with payslips, though lenders will closely assess consistency of earnings.
Limited Company Directors: HSBC tends to look at salary + dividends rather than retained profits, so structuring your drawings matters.
Minimum Income Threshold: HSBC often expects a minimum annual income around £25,000–£30,000, though higher income strengthens the case.
Gaps & Contract Length: They prefer stable income with at least 12 months’ history, though some exceptions may apply with strong evidence of ongoing work.
Affordability Checks: HSBC’s affordability model can be stricter than some competitors, so accurate documentation and packaging is vital.
To apply with HSBC, you should prepare:
Profile: Operating through a limited company, 3 years of accounts, income £90k salary + dividends.
Challenge: HSBC initially calculated affordability using only salary + dividends, which reduced borrowing capacity.
Solution:Mortgage Knight structured the income evidence and demonstrated stability through accounts and statements.
Outcome:Approved with HSBC at 75% LTV, fixed-rate mortgage secured.
Profile: 18 months of consistent PAYE payslips via umbrella company.
Challenge: Unsure if HSBC would treat her as self-employed or employed.
Solution: Mortgage Knight positioned the case as employed PAYE with full payslips, avoiding the stricter self-employed criteria.
Outcome: HSBC approved at 85% LTV, allowing Priya to buy her first home.
Profile: Limited company contractor with two settled defaults from 4 years ago.
Challenge: Concerned HSBC would decline due to historic credit issues.
Solution: Mortgage Knight identified that HSBC overlooks older adverse credit where accounts are strong. Submitted with full disclosure and explanations.
Outcome: Application accepted and mortgage approved at 70% LTV.
Access to high-street rates when eligible
Strong reputation for customer service & reliability
Flexible mortgage products (fixed, tracker, offset)
Mortgage Knight helps structure and package contractor cases to fit HSBC’s requirements
Not directly. HSBC prefers contractors to have at least 2 years of accounts or PAYE payslips via umbrella companies.
Generally no — HSBC prefers 2 years minimum, though a strong case with prior contracting history may sometimes be considered.
Usually via salary + dividends (for limited companies) or PAYE payslips (for umbrella contractors). Retained profits are not typically considered.
Yes, if the credit issues are historic (over 2–3 years old) and the rest of the profile is strong.
Yes, but you must meet their stricter criteria on accounts, deposit, and affordability. Mortgage Knight can assess eligibility before application.
Don’t risk rejection with HSBC by applying unprepared. Mortgage Knight specialises in contractor applications and can ensure your case is packaged to meet HSBC’s criteria.
