HSBC Malta

Sliema's seafront promenade, Triq Ix-Xatt, is where this HSBC Malta entry sits, at number 55, in one of the busiest and most walkable parts of the island. The bank is HSBC Bank Malta, the local retail arm of the HSBC group, and for many people arriving from the UK its mortgage range is the reason to get in touch. It also covers everyday current accounts, savings, cards, investments and insurance.

If you are looking at flats or maisonettes in this part of Malta, you will probably be comparing lenders as well as properties. Our directory of banks in Malta lists the alternatives, and our guide to relocating to Malta from the UK walks through the steps around residence, paperwork and settling in.

The Classic Home Loan

The bank's standard mortgage is called the Classic Home Loan and is aimed at anyone buying a property to live in, from first-time buyers to experienced owners. Subject to its lending criteria, it lends up to 90 per cent of the property's value for a primary residence and up to 75 per cent for a second home. First-time buyers may repay over a maximum of 40 years, but the loan should be cleared by retirement age. The rate is variable and is quoted as a margin over the bank's Home Loans Base Rate, so repayments move if that base rate changes.

Alongside it sit buy-to-let and HomeOwner loans. A worked example shown for a €200,000 loan at a variable 2.85 per cent over 30 years gives a representative APRC of 2.9 per cent and a total repayable of €298,334.08 if the rate never changed. Rates and terms move over time, so treat that as an illustration only. For independent help with the borrowing side, you could also speak to Alecta Advisors, a mortgage adviser in the directory.

Fees and what to prepare

The same example lists the one-off charges that can apply: a processing (legal) fee of €200, a booking fee of €100, €41.70 for updating searches, €30 for post-deed checking of the hypothec, and €300 for the bank's appointed architect. Applicants are asked for recent payslips and an FS3 form if employed, or two income tax returns if self-employed, a Maltese identity card or residence card, the preliminary agreement or deed for the property, and the architect's valuation report. Refinancing applicants add their existing sanction letter and twelve months of loan statements, and joint applicants supply details of the second person.

The bank also requires life cover so the loan is repaid on death, and adequate buildings insurance, and it can arrange both. Once the final deed is signed, customers can apply online for loan drawings to continue works on the property. Anyone whose circumstances change is invited to tell the bank early. Tax questions around buying are covered in our Malta tax guide for UK nationals, and a wider picture of lenders and insurers is in our overview of financial services in Malta.

Everyday banking and insurance in Sliema

Day to day, customers can use online banking, the mobile app and phone banking, with a Secure Key device for one-time codes. Premier, Advance, graduate and student accounts are available, together with a Basic Bank Account and a switching service. The bank's insurance range covers life, critical illness, loans, travel and buildings, and a broker such as AIB Insurance Brokers is one local alternative for comparison.

Neighbours and next steps

Several useful neighbours are close by. Business owners can ask AE Business Advisors about financial advice, CLA Malta about company and tax services, and visitors can book a trip with Adventure Cruises Malta or find a stay through our hotels in Sliema page. To ask HSBC about a mortgage or any other product, use the VisitMalta.co.uk enquiry form on this page and we will pass your message to the bank.