HSBC Tracker Mortgage Advice

youngmcc

Hello

Ive recently just purchased a property and am currently going through the process of securing my mortgage (HSBC tracker mortgage)

However, during the mortgage process the survey came back lower than our bid price (I live in Scotland) so we ended up making a new bid at the lower price which got accepted.

As our mortgage application was already underway we phoned HSBC to advise them that the price had changed and had informed 3 people about this who advised that it was no problem due it being a lower amount.

We were supposed to get our decision for the mortgage tomorrow, however, they are now claiming that they did not know that we require a lower amount and have advised that we need to start the full mortgage application again!

Surely for the sake of £1500 this process is not required? Does anyone have any advice?

We are supposed to move in a months time and have yet to secure the mortgage so have not signed any missives etc.

Starting to panic a bit.

Thanks

lisyloo

Hi youngmcc,

I suggest you check whether your mortgage has any early repayment penalties.
I suspect not.
If you can make unlimited overpayments then I suggest for the sake of grief that you take it as it is and then play off the £1500 as soon as you receive it.

Let's suppose that's 10 days (for clearance).
1500 * 5.79 /365 * 10 = £2.38 in interest

Now that's £2.38 that you should not be paying but I really don't think it's worth getting stressed over, so I'd do it that way.

Please check your early repayment penalties though.
I suspect you don't have any but I would hate to be wrong, so you should check for yourself.

youngmcc

Take what?

In Scotland the mortgage company will only give you the amount of what the valuation/survey came back at.

So HSBC cannot process our application based on the £123,000 but now need to process it through at £121,500

Surely for the sake of £1500 they dont need to start a new application that can take weeks to process again?

_Andy_

OP - it shouldn't have to be a new application (dependent on how long ago the original was submitted. Give the mortgage approval unit a call).

Lisyloo - it's a purchase not a remo.