HSBC Mortgages - experiences?

Hopejack

We have an application in principle for a mortgage with HSBC (but having read this site I fear that means very little!). We are awaiting survey results on the property and then intend to apply for the mortgage.

I've read on here and heard that HSBC are very strict, my estate agent told me they are 'one of the toughest' and can take a while to process applications. Anyone care to share their recent experiences of a mortgage application with HSBC - I have seen some on here already and it doesn't look great :eek: The thing is we can't get into a branch to speak to someone (OH works away during the week and we can't get a Saturday appt for weeks yet!) so the application is all over the phone which again, I've heard can slow things down and cause problems as you don't have one point of contact. Anyone find they've been OK using the phone service?

Thanks in advance.

TEDDYRUKSPIN

I don't understand why you are carrying out survey before carrying out the whole mortgage application.

General process is:

(1) Mortgage in principal (means nothing).
(2) Find house.
(3) Put in offer.
(4) Wait for acceptance.
(5) Pop into HSBC.
(6) Carry out mortgage application.
(7) Waiting for approval.
(8) Upon acceptance - mortgage lender instructs survey.
(9) Process of mortgage application continues.

HSBC over the phone is'nt that bad. It is always the customer which drags the process. This applies to other lenders. It is'nt that bad. Only problem is that the mortgage application over the phone is mainly carried out as non-advised!

Hopejack

We have instructed a survey as the mortgage has a high application fee which has to be paid upfront. The survey fee (independent) is significantly less so was the lesser of two evils to pay out for first. I don't want to apply for the mortgage and find the survey comes back with something very wrong with the property - it is quite old. I have done this before (got the t-shirt a long time ago!) and ended up losing my application fee as the mortgage timeframe ran out before we then found another property.

Of course, you could turn this around and say we might not get the mortgage so have wasted both the app fee and the survey fee! I take your point about survey much later along the line but that is of course if you want your lender to undertake your homebuyer/structural survey as you state - we do not want to do this and want to stay independent. So the lender will only be paid to do a valuation survey.