time to get mortgage

bolo

Hi, i am looking to get a mortgage for a first home, but i confused about timescales. The estate agent has recommended a broker who has recommended an abbey mortgage. I pointed out to him that a HSBC one was cheaper that the one suggested. His answer was that the HSBC would take longer to set up. Is this true? or is this just agent talk? Would the time taken to setup a mortgage be a critical factor? I don't bank with either....

thanks

_Andy_

HSBC don't deal with brokers hence him suggesting Abbey.
Neither have great approval timescales.

herbiesjp

HSBC may have a cheaper rates however they cherry pick which applicants they want.

By the response your adviser has given you, for the reason why HSBC has not been chosen

His answer was that the HSBC would take longer to set up.

I would not trust him.

The main reason is that he does not deal with HSBC. Most advisers would be upfront and say so, and tell you of the benefits of going via an advised sale and leave the decision to you.

If he is not upfront about this, how will he deal with the rest of your application?

jill2002

This is so untrue !!!

Santander (Abbey) will approve most mortgages within 15 minutes, arrange the valuation within 48 hours and have the offer out within a week if you use the branch network. I know the broker arm has had it's problems and delays, but if you apply directly through the branch the above timescales apply.

Even if the application cannot be accepted at branch and has to be sent for further underwriting - they are back with a decision within 24 hours.(This is different to brokers underwriting department).

jonesMUFCforever

C&G direct sent me an application in post on Monday last week by last Thursday the loan had been agreed the valuer must have been to see the property because by Friday I had my loan agreement to take to my solicitor.

VIGILANT22

jill2002 wrote: »

This is so untrue !!!

Santander (Abbey) will approve most mortgages within 15 minutes, arrange the valuation within 48 hours and have the offer out within a week if you use the branch network. I know the broker arm has had it's problems and delays, but if you apply directly through the branch the above timescales apply.

Even if the application cannot be accepted at branch and has to be sent for further underwriting - they are back with a decision within 24 hours.(This is different to brokers underwriting department).

SCABBY ABBEY!...:eek: they CANNOT give you independent advice.
INSURANCE with one provider ROYAL LONDON....at least 20% more than IFA RATES......Not known as SCABBY ABBEY for nothing

Do you want me to go on!

paulkaty

i bought my house in november, i got my mortgage with HSBC, they where brilliant! It took 2 weeks to complete with them! I am also a first time buyer, as long as you have all your documents ready thers no reason why it should take a lot longer! I really wouldnt trust that brocker after saying that! i spoke to a broker but he told me strait theat he didnt deal with HSBC and that they may be cheapest.

Snippa

Don't trust a broker who tells you that. How long a mortgage takes will depend more on you having the right paperwork. Mortgage companies seem to be checking much more now, so it’s taking a while whoever you go with. It may well be that your broker could speed up the process, if you hand him all the correct documents first time. So whether you do that, or go with the best deal you can find yourself just depends on how fast you need to have the mortgage in hand. Have you already offered on a property?