HSBC Mortgage Processing & Procedures

sunstorm2000

Hello,

I'm new on here, so apologies if I've not adhered to correct protocol with regard to my thread on the following...

My questions I will post first, and if people want, they can read the background info!

Q: Do HSBC have a backlog with processing their mortgages at present?
Q: How long should I expect each stage to take? I returned my 'application' yesterday. Will it be long before I get my 'offer'?


I am currently buying a house, as a next time buyer, and when I placed the offer, which got accepted, I thought I was in a very good position as not only did I have a sizeable deposit, but I had a mortgage in principle too.

When I went back to my mortgage brokers to check that they still had the best deal, they weren't able to offer a better rate than one I found online for HSBC.

The broker warned me about going with HSBC, and that they had 'terrible customer service' and were generally 'quite slow', however seeing as they had such a good rate compared to everywhere else, and would be saving hundreds of pounds going with them, I decided to take the chance.

I made initial contact with them before the Jubilee weekend, however as I had previously had an account with them (a joint bank account when I was a student and a credit card, both closed at least a few years previously) they wanted me to verify account / identity details before they would even speak to me about a mortgage. (I found this quite odd, but complied with their wishes). The very next day I nipped down to the bank and provided said info. Luckily they did the quote and illustration there and then too.

As it was quicker than a branch appointment, I then phoned the mortgage line back to continue with the application.

Then they needed to send out all the info we'd talked through on the phone, which arrived on Saturday. I have duely signed, and returned with all the information that the requested (bank statements etc) via HSBC internal post, and they should have had that today.

What I'm really wanting to know is, what comes next, and how long it will all take. I've already been chased by the sellers estate agent yesterday, and I'm really worried that I've chosen to go with HSBC as people keep telling me how slow they are. I'm determined to do everything I can to make to make this all go through quickly.

Advice appreciated.

Thanks

Alex

vuvuzela

Every lender will have horror stories about their speed or lack of it. All I can say is that when I went with HSBC, everything was smooth and (I felt) reasonably quick. Was around 2 weeks from application to acceptance for me.
*However* make sure that you choose a solicitor from their 'panel' - see other threads in the 'House Buying, Renting, Selling' forum for stories about this.

sunstorm2000

vuvuzela wrote: »

Every lender will have horror stories about their speed or lack of it. All I can say is that when I went with HSBC, everything was smooth and (I felt) reasonably quick. Was around 2 weeks from application to acceptance for me.

Oh good, phew, I'm reading lots of horror stories, and not so many good ones. But that makes me feel a little bit better, so thank you. :-)

vuvuzela wrote: »

*However* make sure that you choose a solicitor from their 'panel' - see other threads in the 'House Buying, Renting, Selling' forum for stories about this.

Oh, I've got my own solicitor - I hope this doesn't jeopardize things.

fannyanna

I've just received my mortgage offer from First Direct (but they use the HSBC processing centre) and I only applied last week. I'm amazed at how quick it's come through.

sunstorm2000

Oh that is such a relief. Fingers crossed I have the same expedited service then! :-)

Thrugelmir

sunstorm2000 wrote: »

I've already been chased by the sellers estate agent yesterday,

Ignore them. There's nothing you can do to speed the process up.

Ganga

Sunstorm 2000, we also used HSBC and allthough ours was only a remorgage it went thru in a matter of weeks, We went to see the morgage advisor and he gave us a list of all paperwork required, payslips,outgoings etc. the paper work is forwarded to the underwriters and their solicitors who kept in touch via e-mail and snail mail.In fact we exchanged with our current BS before the HSBC came back and asked us about paying! PS we have been with them since they were the Midland Bank and their rates are good.

Regards
Ganga

sunstorm2000

Dear All,
You'll be pleased to know that I have now been accepted (subject to valuation) for my HSBC mortgage.
Took little over a week, so am happy with that. And the valuation people have already phoned me this morning to arrange the survey to be done too so finally I feel that things are progressing.
Thanks all for your comments.

Kind regards

Alex