HSBC have just wasted 45 mins of my time

HC13

I have just been on the phone to HSBC for over 45 mins. We are looking to buy a new house and move our mortgage. All other companies I have called have taken approx 10-15 mins to tell me the following:
a) how much they would lend us
b) what their basic variable and tracker rates are & any fees associated
c) approx cost per month based on the highest figure they can lend on the lowest rate they have on offer

Simple....yes, but not with HSBC who asked SOOO much info which is irrelevent to a new property, such as how much do we currently pay for gas & elec etc, all of which wont tell them if we can afford new payments when we move house because our bills will be different.

Also how much council tax we pay, what we spend on home improvements etc....okay, now I can see this may work if staying in the same home, or even similar, but when we are looking to move to a new area, in a house which has already been done up and newly carpeted etc and our current house needed everything doing to it I dont see how us spending £12000 on our garage conversion should effect anything ! The new house doesnt need a flippin garage conversion!!!!

Having qualified with financial planning and working within mortgages 10 yrs ago I thought it was an absolute joke of a service. After all of that time they would only lend us less than all the other companies (by £40,000 AND charge us a higher rate of interest and fees)

I certainly wont be calling them again for ANYTHING any time soon

beecher2

Are each of these lenders doing a credit check? Won't that affect your credit rating? Shouldn't you be going via a broker instead to save wasting all this time?

Dave101t

HSBC like to make things difficult. go to your local branch and see someone, im with RBS and they are always happy to discuss anything you like in person if you make an appointment, afterall they work for you.

VIGILANT22

[QUOTE=HC13

Having qualified with financial planning and working within mortgages 10 yrs ago I thought it was an absolute joke of a service. After all of that time they would only lend us less than all the other companies (by £40,000 AND charge us a higher rate of interest and fees) [/QUOTE]

If you've worked in the industry, you should know the easiest/least stressful route is via a whole of market adviser....

Advertised low rates just draw people in and allow the lender to cherry pick..

Wutang_2

HC13 wrote: »

Having qualified with financial planning and working within mortgages....

I don't believe you!

HC13

Wutang - pathetic, I thought this was an adult forum where people can openly express views and opinions. Not that I should have to prove it to you, but I took my exams 10 years ago in Kiddlington. I worked within a very well known insurance company in compliance which you can only do if you have at least FPC1 & 2 (thats financial planning) If you'd like copies of my certificates please ask !!

The reason I dont go through an independent broker is that they only have to prove a certain percentage of their business is actually 'truley' independent. From experience of working within an independent brokerage to gain experience and help me qualify for my FPC3 I know that they arent truley 'independent' and they will pick out the companies/deals which give better rates of payment for themselves. As with anything there are ways in which the stats can be shown as independent, when they arent really.

Very sad I know, but this is why I go for the more hassle option, because personally I find I get the best deal in the end. My complaint is with how HSBC ask irrelevant questions for when you are moving house. I understand they want to check you can afford it, but home improvements I have made on a current property have no bearing on future expenditure etc etc.

HC13

Hi

Yes they did have a credit check, and it is all perfect. It does make a difference, but shouldnt vary THAT much from lender to lender if all okay

VIGILANT22

HC13 wrote: »

Wutang - pathetic, I thought this was an adult forum where people can openly express views and opinions. Not that I should have to prove it to you, but I took my exams 10 years ago in Kiddlington. I worked within a very well known insurance company in compliance which you can only do if you have at least FPC1 & 2 (thats financial planning) If you'd like copies of my certificates please ask !!

The reason I dont go through an independent broker is that they only have to prove a certain percentage of their business is actually 'truley' independent. From experience of working within an independent brokerage to gain experience and help me qualify for my FPC3 I know that they arent truley 'independent' and they will pick out the companies/deals which give better rates of payment for themselves. As with anything there are ways in which the stats can be shown as independent, when they arent really.
QUOTE]

you worked in compliance!!!!


Independant refers to fee structure!!!

To call themselves an ‘Independent Mortgage Broker' they must offer an option to pay fees only, with all the commission earned being rebated to the customer.

A truly whole of market broker fees-free broker (only taking commission), can't call itself independent, even though it is providing the same advice.

As for mortgages being advised on what pays the highest commission, you don't know much about compliance. Any advised mortgage has to be supported by research, Trigold/Mortgage Brain filters this starting with the lowest rate that has to be demonstrated. It may well be the lowest rate isn't the correct mortgage for that client, the reason why letter states why the product selected is the best mortgage for that client. ..Your compliance experience is limited if you think advising is based on commission.

Also you say your worked in mortgages 10 years ago, mortgages were not regulated then, regulation did not take plave until M Day 31st October 2004, therefore you would have no experience of Mortgage Regulation.

VIGILANT22

HC13 wrote: »

Hi

Yes they did have a credit check, and it is all perfect. It does make a difference, but shouldnt vary THAT much from lender to lender if all okay

It is not the "perfection" of yr credit file you should be concerned with... it is the multiple credit scores... do you know who leaves soft footprints and who doesn't?...multiple credit scoring will reduce your credibility...

dasilva_2

Isn't it amazing how a person starts a perfectly legitimate thread and it descends into who has what certificates.
Boo hoo, I've got more than you.
No you haven't
yes I have.
HC13 came to have a discussion about HSBC, everybody else seems to want to show how intelligent they claim to be.

dunstonh

The reason I dont go through an independent broker is that they only have to prove a certain percentage of their business is actually 'truley' independent. From experience of working within an independent brokerage to gain experience and help me qualify for my FPC3 I know that they arent truley 'independent' and they will pick out the companies/deals which give better rates of payment for themselves. As with anything there are ways in which the stats can be shown as independent, when they arent really.

Apart from the fact you are wrong (woefully out of date on your classifications and understanding), you thought that going to a tied sales rep was better?

Compliance is the home of failed advisers

HSBC have tightened up, like many of the others. Its not unexpected to be asked questions like that.