Hsbc mortgage & countrywide nightmare warning

jamgar

Oh no! Ive just read this after sending my application form and payslips off on saturday morning.

we must exchange on our house by 11th May or the house is remarketed, and being our dream home this would be horrendous as lots of interest on it.

we opted for our local solicitors and paid the £192 for their panel- i assume countrywide (we're in North Devon)

Really need advice, should i call immediately and cancel when i can and get them to send back my original docs and choose another lender or should we stick with it and make sure we chase constantly etc?

Our situation in theory is quite straight forward, 60% LTV, no previous mortgage, good credit ratings etc.

Please if anyone could provide advice on whether we should be ok on these timescales or should move can u let me know as want to make te decision tonight

Thanks in advance

Thrugelmir

jamgar wrote: »

we must exchange on our house by 11th May or the house is remarketed, and being our dream home this would be horrendous as lots of interest on it.

Interest does not equate to proceedable buyers in the current market.Don't be blackmailed.

If you encounter issues then other prospective buyers are likely to as well. Buying a property isn't a straightforward process every time, irrespective of the conveyancer.

betmunch

jamgar wrote: »

Really need advice, should i call immediately and cancel when i can and get them to send back my original docs and choose another lender or should we stick with it and make sure we chase constantly etc?

No one will know for sure, but if it were me and my "Dream House" I know I would cancel and start afresh.

HSBC have been a picky and slow lender for years, now they add this into the mix.....

Choose a new lender that is competative AND quick if you are working to a deadline

Thrugelmir

betmunch wrote: »

HSBC have been a picky and slow lender for years, now they add this into the mix.....

Yet come out of the mire as one of the strongest global banks.

I fully understand why mortgage brokers dislike them. Even worse when they are actively increasing their share of the new mortgage market in 2012.

betmunch

Thrugelmir wrote: »

Yet come out of the mire as one of the strongest global banks.

I fully understand why mortgage brokers dislike them. Even worse when they are actively increasing their share of the new mortgage market in 2012.

I understand they have an extremely solid mortgage book due to their picky processes, dont sell me short there my friend.

I very much doubt the poster cares about this though when they need their own application to be processed quickly.

Thrugelmir

betmunch wrote: »

I understand they have an extremely solid mortgage book due to their picky processes, dont sell me short there my friend.

Not picky in the slightest. Its maintained sensible lending practice. By lending what it can fund. Not adopt an aggressive sales model to achieve growth in market share. Precisely the reason the lenders went under, required bail out measures or were taken over \ merged.

It took Lloyds five months post takeover to fully assess HBOS's mortgage book. The assessment was that 75% was outside Lloyd's own risk profile. Don't forget either that NRAM still holds £85 billion of mortgages.

jamgar

Thanks for the replies, will try and sleep on it and make a decision first thing in the morning.

betmunch

The points your making, I understand, but feel they are irrelivant to the poster that wants to know if she/he should look elsewhere for her mortgage to give them the best chance to meet the deadline.

I'm quite happy to change the word "picky" to "thorough" if you like, the point is one of speed of processing, not the banks global position

jamgar

Thanks, have decided to cancel and move to the post office

betmunch

jamgar wrote: »

Thanks, have decided to cancel and move to the post office

Think your solicitor will thank you!!!

Good Luck