Is HSBC the worst bank for mortgages?

Count_Of_Cool

Hi Everyone,

I just want to let you all know just how horrible the service I have received from HSBC's Mortgage department is.

I applied for a mortgage back in Sept 10. After going through the whole process, I was asked to send in the necessary paperwork to prove my income along with my brother's as it is a joint application.

Alternatively, we both had the option of taking the documents to any HSBC branch for verification. We took this option as it does not involve posting original documents. This is where the
nightmare began. My documents were misplaced by the branch and only after I called them on two occassions did they realise. My brother's documents were lost twice via two different branches. This took nearly 4 weeks to rectify. Then they needed a signature specimen and that was lost again. This all delayed the application by six weeks!

Finally, I was told yesterday that they will call back by the end of a day with a decision. I still haven't heard anything. I have called twice today and left a message, no response.

For the last six weeks (excluding Christmas holidays), I have spoken to someone almost everyday before rectifying this. In some cases I lost my temper, spoke to various different departments, was kept waiting for 15-20 mins at times and I have logged two seperate complaints. I was told that HSBC will respond within 5 days for each complaint. 4 weeks later, I am still waiting.

Quite frankly, that is not acceptable and the service I have received is the worst I have ever experienced.

PS the seller is now threatening to pull out and rightly so!

GMS

I have had a client with worse delays from HSBC.

They are offering the best rates and as a result are getting the most applications. There will always be stories like yours unfortunately but there are more happy customers than unhappy with them.

If a shop sold a £10 item for £5 there would be a queue but generally people would be happy to wait. HSBC are the busy shop at the moment.

You could look for a mortgage elsewhere but you are now in a position where you could get an offer from HSBC any time so would be wary to start a new application.

orangina

Completely agree with GMS - HSBC are a bit of a nightmare but most people think its worth it for the best rates at the moment - hang on in there, you are almost at the finishing post

As a broker no clients ever believe you when you explain how bad HSBC can be!

Count_Of_Cool

Thank you both for your advice. You are both right, I couldn't find a better offer so I guess I will have to hang on. I am just so upset that they kept on losing the documents.