HSBC Remortgage Process. 2nd, 3rd meeting?

highintensity

I just went in to get a remortgage at the local HSBC branch. I had all my paperwork in order: pay slips, P60s, Bank statements, Building Insurance Policy, ID, knew which product I wanted, etc.

We have a low LTV and salary multiple. I expected to speak to someone, they put it into the computer, and we can get accepted provisionally. Then a survey can be booked and the paperwork is sent to the underwriters.

However, after this 1st meeting, I've been told that there is 2nd and possibly 3rd meeting before any survey can be booked. I don't even know if they have provisionally accepted us (though highly unlikely that we would be rejected). Naturally, the advisor is not available for the next meeting for over two weeks!

I just did a remortgage with Nationwide on a second home: went in with my paperwork and walked out with a survey date booked!

What's going on at HSBC? If FirstDirect (one of HSBC's companies) can do this all over the phone/internet, what is the process at HSBC? Is it standard behaviour to call the client back multiple times before even a survey is booked? I have provided more information than they could possibly need already.

Should I have done my application over the Internet or the phone with HSBC? They sure signed me up for an HSBC Premier account quick (since I will meet the eligibility criteria if I take the mortgage).

The wait is frustrating since I have been allowed to get out of my 5.39% fixed. At the 2.59% HSBC mortgage, it would save me over 1,000 per month, or 250 every week HSBC screws around! :mad:

Should I look for another lender?

Thrugelmir

highintensity wrote: »

Should I look for another lender?

I guess you a person who never takes a holiday from work.

If you can better the rate then apply to another lender. There's no guarantee how fast there'll process though.

The "other" property may come up on their radar though at HSBC.

kingstreet

highintensity wrote: »

I just did a remortgage with Nationwide on a second home

That may be your problem. HSBC is a very fussy lender cherry-picking only the best applications.

gazleics

I had exactly the same thing when I applied at HSBC, I too was expecting everything to be sorted on the first meeting but it wasn't and like you had to wait 2 weeks for the next meeting when everything was signed and sorted. Maybe it is how they do things.

highintensity

kingstreet wrote: »

That may be your problem. HSBC is a very fussy lender cherry-picking only the best applications.

We haven't even gotten there yet. We gave them our information, it was input into the computer, and then we were told to come back other time.

My point is that these days, at 2:00 AM, in my pajamas, I can put this same information into a web site and get an answer immediately. I realise that the answer is either "No" or "maybe" contingent on us sending information.

I don't want to be in a situation when I go back two weeks later to be told "No". If I don't pass the early checks, I would like to be told now so I'm not picking my nose for the next two weeks.

My frustation is the lack of information and I haven't gotten a straight answer from HSBC. What will happen at the 2nd meeting?

I've contacted other lenders today and the company that provides me the best service and quickest response will win my business.

PS. LTV is low and my monthly salary more than covers both mortgages and outgoings.

highintensity

gazleics wrote: »

I had exactly the same thing when I applied at HSBC, I too was expecting everything to be sorted on the first meeting but it wasn't and like you had to wait 2 weeks for the next meeting when everything was signed and sorted. Maybe it is how they do things.

What about your survey? Was the second meeting to book your survey? Or had the underwriter made a decision and you received your mortgage offer at the 2nd meeting?

kingstreet

So HSBC don't yet know you have another property and mortgage?

If they don't it must be sheer volume of business preventing them dealing with you quickly.

You'll probably find the worse the rate, the better the service.

pinkteapot

We applied for our HSBC mortgage online and never set foot in a branch. Can't you just do it online? The online system tells you how much you can borrow so effectively gives you an AIP.

We called their call centre a few times with questions and they were quick and helpful. The final decision came through in less than 2 weeks.

We were existing HSBC account holders - not sure if that made a difference.

highintensity

kingstreet wrote: »

So HSBC don't yet know you have another property and mortgage?

If they don't it must be sheer volume of business preventing them dealing with you quickly.

You'll probably find the worse the rate, the better the service.

They know I have another property and mortgage. I had just done another remortgage, so all the information they could possibly want was laid out for them on a silver platter. Even certified IDs and statements. A year's worth of pay slips, three years P60s, months of bank statements, passport, etc. Everything was in check.

My frustration is that I don't know what happens next. When will the underwriter see my application? When will a valuation survey be booked? Will they even consider me for a mortgage, etc. Just some idea of what's next.

Or are these delays for time to put together quotes to sell me other HSBC products????

Mrs_Z

Yes, we had this too. Could not apply on line as we wanted additional borrowing on the re-mortgage. Took 3 visits before the application was finally in! Admittedly, on the first appointment I did not have all the paper work and then I preferred to do the subsequent meetings at a different branch nearer my home so had to start from scratch. Still, once the application was finally in the whole process was very quick.
I queried why the person at the first appointment could not input all my details which could then be picked up by the other person from a different branch, but apparently this is a no-no. Has to be the same person from start to finish....

deansh8506

I'm going through remortgage process with HSBC from Santander. 2 weeks in from application no problems so far things just been accepted solicitors have been in touch with me yesterday should complete soon.

I went for the +2% BOE tracker mortgage.