Barclays Premier vs HSBC Premier mortgages: which is better for high earners?

Barclays Premier vs HSBC Premier mortgages: which is better for higher earners?

 

Barclays Premier and HSBC Premier are two of the best-known premium banking routes for higher-income mortgage borrowers. Both can provide access to exclusive mortgage products, enhanced affordability, and better banking support, but the qualifying rules and benefits differ.

For many borrowers considering a mortgage and seeing the adverts on television, the main question is simple: which Premier account helps them borrow more, secure a better rate, or get a smoother mortgage application?

The answer depends on the client’s income, deposit, required loan size, employment type, banking preferences, and whether they want broader lifestyle benefits such as travel insurance, international banking, or health services. Also, whether they use a good broker to submit their application, such as Trinity Financial. 

Both Barclays Premier and HSBC Premier offer marginally lower rates than the standard fixed and tracker rates available to most customers. For higher earners, it is often worth opening a premier account to access lower rates, especially if you are looking for a larger mortgage loan, taking a longer-term fixed rate, or needing an income stretch. It is worth noting that other big banks like Halifax, Santander and Nationwide for Intermediaries also top the mortgage best buy tables, and borrowers do not need to open a current account to access them. 

How can you open a Barclays Premier or HSBC Premier account to access the lower mortgage rates?

To open a Premier account at HSBC, our brokers can open it for you through a Premier account opening service. Once a decision in principle is submitted to HSBC and the applicant passes, our brokers select the current HSBC Premier rates. They then email a request to a specific HSBC department that contacts clients and guides them through the account-opening process. This can be for new accounts for domestic or international property buyers, as well as upgrades for existing HSBC customers. 

To open a Premier account at Barclays, apply online using this link, or, if you are already a Barclays banking customer, upgrade via your banking app. The majority of applications should go through smoothly. Once a broker, like Trinity Financial, submits your mortgage application, the mortgage submission system should highlight that the Premier account is open and the rates you qualify for. Most brokers can no longer open Premier accounts for borrowers, but this may change in the future.

Barclays Premier vs HSBC Premier: quick comparison

Feature	Barclays Premier	HSBC Premier
Income qualification	Gross annual income of at least £75,000 paid into a Barclays current account, or £100,000 in savings/investments with Barclays	Individual annual income of at least £100,000 paid into HSBC Premier, or £100,000 in savings/investments with HSBC UK, or Premier status overseas
Which is easier to qualify for?	Usually, Barclays, because the income threshold is £25,000 lower	Harder on income, but strong for international Premier clients buying a home in the UK and paid in an overseas currency like the Dollar or Euro.
Premier mortgage benefit	Premier-exclusive mortgage rates, high-value mortgage support and up to 25% annual overpayments on selected Premier fixed rates	Preferential Premier mortgage terms and the ability to borrow up to 6.5 times single and joint income on LTVs up to 90%
Best suited to	Higher earners, professionals and borrowers wanting Barclays’ Premier mortgage pricing or flexible overpayments	High earners, international clients, borrowers wanting higher income multiples and global banking support
Lifestyle benefits	Premier banking support, exclusive products and optional paid add-on packs. Financial planning options, premier savings accounts and Apple TV benefits.	No monthly account fee, worldwide travel insurance, health benefits, preferential savings/borrowing rates and international banking features, including 24/7 telephone support wherever customers are in the world.
Mortgage rate winner?	Can be cheaper depending on product, LTV and day of application	Can be cheaper depending on product, LTV and day of application

 

Barclays states that Premier Banking is available to customers with a Barclays current account who pay in gross annual income of at least £75,000, or have at least £100,000 in savings or investments with the bank. HSBC says Premier customers need an annual income of at least £100,000, £100,000 in HSBC UK savings or investments, or Premier status in another country or region. 

Barclays Premier mortgage criteria and benefits

Barclays Premier is often the easier of the two accounts to qualify for because the income requirement is lower. A client earning £75,000 or more may be able to qualify, provided the income is paid into a Barclays current account.

The main mortgage-related advantages are:

• Access to Barclays Premier-exclusive mortgage products.

• Potentially better fixed or tracker rates than standard Barclays products.

• Up to 25% annual overpayments on new fixed-rate Premier-exclusive mortgages, rather than the more typical 10% allowance.

• Strong support for larger mortgage loans.

• A well-known high-street lender with competitive pricing in many parts of the market.

Barclays says its Premier mortgage overpayment allowance has increased from 10% to 25% per year on new fixed-rate Premier-exclusive mortgage and remortgage rates. 

Barclays Premier plus points

Barclays Premier is particularly attractive where the client qualifies on income, wants access to Premier mortgage rates and values the ability to overpay more aggressively. The 25% overpayment allowance can be useful for bonus earners, partners in law firms, bankers, business owners or borrowers expecting future lump sums. Higher earners with Barclays can borrow up to 5.5 times their single or joint income for mortgages.

It can also work well for clients who want to keep the mortgage with a major UK bank rather than move into private banking.

Barclays Premier minus points

Barclays Premier does not automatically guarantee the cheapest mortgage in the market, just for Barclays customers. Some clients may find that HSBC, Santander, NatWest, Halifax, Nationwide or a building society is cheaper on the day they apply.

The account benefits are also arguably slightly less generous than HSBC Premier's from a lifestyle perspective. HSBC Premier offers a broader package of travel, health, and international banking benefits, while Barclays often relies more heavily on optional add-on packs.

HSBC Premier mortgage criteria and benefits

HSBC Premier has a higher income threshold, but the mortgage proposition can be extremely strong for the right borrower.

HSBC says Premier mortgage customers can get preferential mortgage terms on selected products and may be able to borrow up to 6.5 times income on loan-to-values up to 90% (with a 10% deposit), subject to status, eligibility, lending criteria and the applicant’s circumstances. 

The main mortgage-related advantages are:

• Access to HSBC Premier-exclusive mortgage products.

• Potentially higher income multiples for eligible borrowers.

• Preferential Premier mortgage rates on selected products.

• A strong proposition for international clients, including those paid in overseas currencies.

• Premier Family Mortgage benefits for children or grandchildren aged 18 or over, subject to eligibility.

• HSBC Premier banking benefits, including worldwide travel insurance, health services, wealth support and international banking features.

HSBC says its Premier account has no monthly account fee and includes worldwide travel insurance, online health services, exclusive rates and international banking support, subject to eligibility and provider terms. 

HSBC Premier plus points

HSBC Premier can be excellent for higher earners who need a larger mortgage, especially where the 6.5 times income policy makes the difference between securing the property or falling short. This income multiple is among the most generous in the mortgage market, especially as borrowers gain access to the bank's lowest fixed rate options.

It is also attractive for internationally mobile clients. HSBC allows customers to qualify for Premier status in another country and offers global banking features, including the ability to open accounts in more than 20 destinations before moving. 

The additional benefits are stronger than those of Barclays for many clients. HSBC lists health services, worldwide travel insurance and international support as part of the Premier proposition. 

HSBC Premier minus points

The income hurdle is higher. A borrower earning £85,000 may be eligible for Barclays Premier but not HSBC Premier unless they have sufficient HSBC savings or investments or qualify through Premier status overseas.

HSBC can also be strict on documentation, income assessment and overall affordability. A higher income multiple does not mean every applicant can borrow 6.5 times income.

Is Barclays Premier or HSBC Premier easier to get?

Barclays Premier is generally easier to qualify for on income because the threshold is £75,000 rather than HSBC Premier’s £100,000.

However, HSBC may be easier for international clients who already hold HSBC Premier status overseas. It can also be a better fit for clients with £100,000 or more in savings or investments who already bank with HSBC.

For mortgage purposes, qualifying for Premier is only the first step. The lender still has to approve the mortgage based on credit score, deposit, property type, affordability, income evidence and the client’s wider financial commitments.

Does Barclays Premier or HSBC Premier offer better mortgage rates?

There is no permanent winner because both lenders often top the best buy tables. Barclays Premier and HSBC Premier both regularly offer competitive mortgage rates, but pricing changes frequently.

In general:

Barclays Premier can be very strong where the client wants a mainstream high-street lender, a Premier-exclusive rate and a larger overpayment allowance.

HSBC Premier can be stronger where the client needs higher borrowing, international banking support or access to HSBC’s Premier-only mortgage range.

The cheapest lender will depend on the loan-to-value, mortgage size, repayment type, fixed-rate term, product fee and whether the client is buying, remortgaging or doing a product transfer.

Aaron Strutt, Product Director at Trinity Financial, says:

“If you are in a hurry to get a mortgage and do not have a Premier account, it may make sense to apply to another lender offering very similar mortgage rates to ensure there are no delays in the mortgage process.  

“The important thing is not to open a Premier account just because the branding sounds attractive. We compare Premier mortgage products with the rest of the market to determine whether the client is genuinely better off. Sometimes Barclays or HSBC Premier will be the best option, but on other cases another high-street lender, building society or private bank may offer a cheaper rate or more flexible criteria.”

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Any links to third-party websites are provided for information and convenience purposes only. We are not responsible for the content or availability of external sites

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