HSBC Mortgage Application Timings?

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  • Sheep
    Sheep Posts: 219 Forumite
    Just reading this made me go and check my online application with HSBC and its gone from 'decision obtained' to 'manually referred'. Doesnt look good for me. They called me today and said my wife needs to go online and accept that she is happy to go through the mortgage application. Right pain.
  • Rosy_Apple
    Rosy_Apple Posts: 152 Forumite
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    Sheep wrote: »
    Just reading this made me go and check my online application with HSBC and its gone from 'decision obtained' to 'manually referred'. Doesnt look good for me. They called me today and said my wife needs to go online and accept that she is happy to go through the mortgage application. Right pain.

    Eek- although I am glad my post prompted you to check. Was your wife originally on your mortgage application?
  • Sheep
    Sheep Posts: 219 Forumite
    Yeah she was on from start but because they dont send you anything to sign they send you an online banking password and you have to sign on and select a number of options. I suppose going with a broker means you wont need to do this. Rang them a few house ago and they want more statements from another account i use as my spending account.
  • strawberries1
    strawberries1 Posts: 865 Forumite
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    Sheep wrote: »
    Yeah she was on from start but because they dont send you anything to sign they send you an online banking password and you have to sign on and select a number of options. I suppose going with a broker means you wont need to do this. Rang them a few house ago and they want more statements from another account i use as my spending account.

    Are you using funds in your spending account for the mortgage? How did they know of the existence of it?
    I have a hsbc spending account too but as I did a lot of spending since mid Dec I'll rather not have to present that to them. I'm not using it to fund my deposit, it's my play money.

    I might go with another lender to avoid this as it's not a true reflection of my spending habit.
  • Sheep
    Sheep Posts: 219 Forumite
    They saw once i got paid into my 'bill' account i then transferred £650 into another account and asked what this other account was. I had no choice but to say it was my spending account. They then asked for 3 months statements. No direct debits come oit of this account.
  • strawberries1
    strawberries1 Posts: 865 Forumite
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    Sheep wrote: »
    They saw once i got paid into my 'bill' account i then transferred £650 into another account and asked what this other account was. I had no choice but to say it was my spending account. They then asked for 3 months statements. No direct debits come oit of this account.

    How much was the difference in amount loan when compared to their DIP?
  • Rosy_Apple
    Rosy_Apple Posts: 152 Forumite
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    Update- HSBC have now approved our mortgage subject to valuation

    Timings as followed:
    10th March - DIP given and full application submitted through broker
    13th March - questions to broker around bank statements
    15th March - email stating that it is now with underwriters and we will have an answer within two working days
    17th March - HSBC asked to be resent certain bank statements
    19th March - HSBC ask for the same statements again!
    22 March - Mortgage approved subject to valuation and we pay mortgage booking fee. We are told that the valuation company will call us to take payment and then will arrange the valuation. The order seems to have got a little muddled as the EA emailed this afternoon to say that the valuation company rang them and booked the valuation in for Friday. As yet, we haven't heard from the valuation company and haven't paid the fee!

    Will keep you updated.
  • sn1987a
    sn1987a Posts: 453 Forumite
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    Good luck! I don't know if this is relevant to you but HSBC has some new lower mortgage rates. I just switched mortgage rate today after we received our offer!
  • Rosy_Apple
    Rosy_Apple Posts: 152 Forumite
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    sn1987a wrote: »
    Good luck! I don't know if this is relevant to you but HSBC has some new lower mortgage rates. I just switched mortgage rate today after we received our offer!

    Thank you- I think as FTB with a high LTV our rate is still the best they have available.

    Glad you managed to switch though!
  • Sheep
    Sheep Posts: 219 Forumite
    Do you know which valuation company they are using? Is it countrywide?

    Our application is with underwriters now. The hardest thing about the whole application i found was when they ask for your outgoings they litterally want to know how much you spend on t bags and hair gel etc etc. I know other providers have their own calculation for that and therefore dont drill down as deep

    We put what we thought was accurate. Time will tell.
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