HSBC - heard so much bad about them, since submitting app. Any positive experiences??

kloana

Had a small boost today upon logging onto my online banking to pay a bit extra off our loan...noticed a mortgage account had popped up in this section of their website. Current balance obviously being nil!

I know this probably doesn't mean much, but the psychological effect is reassuring

MickeyDaMouse

Kloana,

Just curious, how long did it take from the completion of your application with HSBC to the day you got your decision from the underwriters?

We completed our application with HSBC in their brand last week. The forms were meant to go the underwriters the next day but unknown to us they did not. The person doing our application forgot to get us to sign an extra form and they posted it out to us on the same day we had been to the bank - rather than calling us and asking us to come back.

I took the forms in on Friday in person but the person dealing with my application is away until Monday. Apparently they'll get the form passed to them on Monday and the staff seem to think they'll send it away on Monday to the underwriters in another city.

We're under a lot of pressure from our buyer and seller for the two properties in our mini chain and HSBC told us that they predict around a week or so to hear back. Is that about right with your experience or was it sooner?

Thanks

EllasPa

We have just completed using HSBC and we offered mid July. We used our own local solicitor, so HSBC appointed their own as well (I'm guessing via Countrywide, but not 100% sure). I think it did slow the process down a bit, maybe a week of two but I wanted the 5 yr fixed rate HSBC mortgage, so was willing to take the risk of a slower process. The completion day was also slow with HSBC-we didn't get our keys until 3pm on Friday, very frustrating (and cost us waiting time with the removal firm ggrrrr...) But we are now in our new home and have the mortgage deal we wanted, so worth the extra stress & delay.

MickeyDaMouse

That seems a long time

kloana

MickeyDaMouse wrote: »

Kloana,

Just curious, how long did it take from the completion of your application with HSBC to the day you got your decision from the underwriters?

7 working days from end-to-end (could have been quicker if I'd posted some info back to HSBC the day I received it, but there was a 2 day gap). Applied on Sunday 30th Sept, approved in full on Tuesday 9th Oct. Actual decision was made on the day that HSBC received the info they wanted from me, following a bit of a postal paper-shuffling exercise. However, I had no involvement with branch whatsoever. I did my initial application online, then finalised things in the post. I had the option of producing info in branch, but decided to post instead.

Received mortgage offer on Saturday 13th Oct, but it had been drawn up and dated on Thursday 11th.

My current position is that valuation was carried out on Friday 12th (I wasn't notified of this, only found out upon calling HSBC y'day. Valuers themselves wouldn't divulge the figure to me over the phone). The figure they arrived at was exactly the same as what we've offered, so we're hot to trot.

I'm finding them quick so far, for my needs (no real chain - FTBs buying unoccupied property). Not hugely impressed with the customer service side of things, but not bothered so long as they come up good with the funds!

MickeyDaMouse

I just had 'the call' a short while back. They've approved our application after going through the underwriters, so I'm happy.

I hope ours goes through as quick as yours. We need a quick move to keep both buyer and seller happy in our mini chain.

Fingers crossed for both of us

kloana

MickeyDaMouse wrote: »

I just had 'the call' a short while back. They've approved our application after going through the underwriters, so I'm happy.

I hope ours goes through as quick as yours. We need a quick move to keep both buyer and seller happy in our mini chain.

Fingers crossed for both of us

Don't hesitate to chase them up, should you feel the need to do so - they're not very proactive in their outbound phone contact. Missed two important calls from them (one to acknowledge receipt of online app, and to confirm we're OK to go ahead, and another to inform us of actual approval). On both occasions, no voicemail was left, no further call was made, and no notes were entered on the account for the benefit of other HSBC/mortgage staff.

EDIT: Just realised they still have all of my original paperwork, including non-HSBC bank account statements, payslips, P60s, credit card statements (showing hilariously low outstanding balances), a rent statement from our landlord, etc. They didn't ask for all of that info (just payslips), but I bunged it all in the envelope - which ended up being as thick as a house brick - just in case. So no idea if and when I'll get my stuff back

MickeyDaMouse

Will do.

Just logged on to my online banking. I can see my new mortgage showing already, with 0 in it at present, but it's nice to see it showing up

kloana

MickeyDaMouse wrote: »

Will do.

Just logged on to my online banking. I can see my new mortgage showing already, with 0 in it at present, but it's nice to see it showing up

Same, mine started showing on Thurs/Fri. Good feeling

I also have a new DD showing on my current account. Ref: MTG, beneficiary, HSBC. I wonder what that could be

20vt-rs

Positive experience here...

Applied for an HSBC tracker but was right on the LTV border, my valuation came back lower and tipped me into the next bracket. I had a feeling thei would be the case, so I originally applied for a fee free product, and when I knew the valutaion details I re-appled for a fee paid product which kept me on the same interest rate. HSBC re-did the paperwork and application for me and it all went through fine. Solicitors were ok too and I am now an HSBC tracker customer! Even managed to get a free valuation out of them too