Mortgage Application Process

firstTimeBuyer_2-2

Hi,

I've applied for a mortgage and waiting to see if it gets approved. I've called the lender and they have advised me my application has been assigned to a Credit Advisor.

Does anyone know if this is the underwriters? and at what stage of the application process this is? I couldn't get through to the particular advisor, but left a message to call me back.
I'm just a bit anxious to find out what stage this is at, as I'm a first time buyer.

Any advice would be great.

minimike2

Which lender is it?

happybroker

They are always coming up with new names for people doing the same jobs, its a good way of getting a pay rise and keeping peoples interest I think!

I've not heard an underwriter called a "credit adviser" before though, how long ago and to who did you submit the app?

firstTimeBuyer_2-2

The lender is HSBC

firstTimeBuyer_2-2

They recieved the application on Monday morning, they told me they can get an answer to me in 5 - 10 working days (thats their normal timescales).

minimike2

I wouldnt count on it being seamless. HSBC service is shocking at the moment as a result of thier "Rate Matcher" deals that meant they got swamped with remortgage applicaitons. They dont deal with brokers, so I dont know what they call thier underwriters, but I assume thats what they will mean.

happybroker

5 to 10 working days is an awfully long time for a decision to be made. I am amazed they don't have some sort of automatic system that their mortgage sellers can use to get a yes or no.

firstTimeBuyer_2-2

The mortgage seller went through a credit check over the phone (which was fine) and said they would be happy to lend me the money, subject to further checks and proof of my salary and information I told him.

He said they can get an offer to me within 5 - 10 working days.

happybroker

that's not so bad then, have they instructed a valuation?

firstTimeBuyer_2-2

No,

I had my own survey done which they say they don't accept. They only use their own. After the credit check was done over the phone the mortgage seller sent out the paper work which I completed, signed, then sent back with salary slips etc.

As I said they recieved it before start of business on Monday morning as I sent it recorded delivery. And the latest I know its been assigned to a Credit Advisor. Guess I'll just have to wait and see, I'll try phoning them again if they don't get back to me.

Thanks anyway

_Andy_

HSBCs timescales are poor at the moment. 10 days, if that does happen, will be 10 working days.