How long are HSBC taking at the moment?

MrRemus

After going to an independant broker, it turns out our current lender, HSBC, are still the best deal for us.

BUT with all the kerfuffle with the Countrywide conveyancing panels and the good rates inundating them with applicants, how long are they taking at the moment to sort applications and then get to the completion stage?

The agent we are buying our next house from got v twitchy about HSBC as they have had numerous chains nearly break due to applications taking up to 5 months. She hasn't flogged me her recommended broker and they are a really good agents so pretty sure she not trying to make me go elsewhere. I believe she's just concerned about timeliness as our chain is extremely short.


Our current situation (if it makes any difference):

• have largeish deposit of over 35%
• we are using our own solicitor and paying the £192 fee
• we will be going via a branch to apply and have appointment
• both been customers of HSBC since our teens and have current mortgage with them

Anyone applied in last few months or weeks?

Mishomeister

Where is the guarantee another lender will not !!!!-up? Being an existing customer increases your chances to be accepted.

MrRemus

Yep, no guarantee at all but reading the pages of outraged forumites (especially when it comes to completion) makes me think we are taking more of a risk with HSBC, despite the great rate.

Mishomeister

The Countrywide condition will be gone at the end of this month.
Can you wait until then for your second mortgage meeting which is when you need to give your conveyancer's details

MrRemus

Good point - will check with hubbie who is dealing with HSBC. Just assumed this would hold things up too much...

Mishomeister

An alternative is going for more expensive mortgage without arrangement and early redemption fees with different lender. As soon as you own that place you can remortgage it to HSBC on a better rate as you will then have all time in the world. The only downside is what if another lender actually took you longer than HSBC

MrRemus

Thanks loulou20 - hope it's speedy, post back if any issues!

Hubby is going for the first mortgage appt tomorrow and we're going to (try and!) take mshomeister's advice and delay telling HSBC which solicitor til the 2nd appt. Might delay things by a week or so but this way get the great rate plus get to use our own solicitor (who is CQS accredited)...and avoid Countrywide!

murphydog999

How anyone gets through the HSBC lending criteria I will never know!

We currently have a HSBC mortgage (£138K) on our now sold £310K house - so £170K equity. We have (or had!!) a M.I.P. to port this, and add on more, to buy our next house. After all the paperwork has been done, almost a week later it has now been refused.

The LTV on the new house is less than 50%, we have a 6 figure income, my husband has a guaranteed £1000 month pension, we have over 6 figures in savings, no debts, no loans, and a perfect credit score.

We are not new customers to them, we already have a HSBC mortgage - which we have been overpaying by £300 a month - but because my husbands company accounts were low in one of the 3 years (because he decided to take a lucrative short-term employment contract, which they won't take into consideration!) we 'do not have sustainable income!!!!' They may not even want to port our current mortgage - it's ridiculous.

No wonder the housing market isn't going anywhere! Congratulations to anyone who gets a mortgage with HSBC.

Thrugelmir

murphydog999 wrote: »

They may not even want to port our current mortgage - it's ridiculous.

What rate of interest are you currently paying?

murphydog999

A very nice 2.29%. And heard this afternoon, they won't port. Great!!

Thrugelmir

murphydog999 wrote: »

A very nice 2.29%. And heard this afternoon, they won't port. Great!!

Your rate is the reason why. Nothing personal just business. As lenders are no longer being soft and cuddly but hard nosed. A real shock to many I suspect.