HSBC Slash Rates But Already Applied - Poll

MuffinTops

Hi Brinkster,
I've had an issue with HSBC information which has lead to them listening back over our calls. They didn't take long to get back to me and rectify things so please don't worry until you hear otherwise. You sound very upset about things that may or may not happen but based on my experience and what others have said you may just be getting stressed for no reason.

It would be nice if these things could run smoothly though, wouldn't it?

Brinkster

MuffinTops wrote: »

Hi Brinkster,
I've had an issue with HSBC information which has lead to them listening back over our calls. They didn't take long to get back to me and rectify things so please don't worry until you hear otherwise. You sound very upset about things that may or may not happen but based on my experience and what others have said you may just be getting stressed for no reason.

It would be nice if these things could run smoothly though, wouldn't it?

It sure would. Fingers crossed then.

Nice to see the majority in the poll are on the side of the banking giant though.

QBSBuck

Brinkster wrote: »

It sure would. Fingers crossed then.

Nice to see the majority in the poll are on the side of the banking giant though.

Turnout was very low however

MuffinTops

When they clear up their mistakes quickly then yes, I'm on their side.

Thrugelmir

Brinkster wrote: »

Nice to see the majority in the poll are on the side of the banking giant though.

Some of us are shareholders.

marathonic

I have a question on the booking fee. It says they're non-refundable. What if you apply and the mortgage is declined? As it's payable on application, do you still lose it?

Brinkster

marathonic wrote: »

I have a question on the booking fee. It says they're non-refundable. What if you apply and the mortgage is declined? As it's payable on application, do you still lose it?

This is a vague area I think. I don't think HSBC make it very clear at all. It is non-refundable, but can be added to the loan. If you get declined, you have no loan to add it to, so presumably wouldn't pay it. Therefore, if you pay on application and use the same logic, you should get refunded if you get declined. However I am not at all sure it works like that. I have also read that taking the booking fee only happens once they have accepted you anyway.

As an update to the thread, HSBC are still looking into the complaint. Anyone know their timescales for complaint handling? Again, no clarity on the HSBC website.

I did chase and was told they were ready to issue the offer but it's pending the investigation of the complaint, i.e. whether they can get out of 3.99% or not. It can only drag on so long before the vendors start to think we can't get a mortgage - it's 2 weeks since the valuation came out all ok now. :eek:

harvey115

marathonic wrote: »

I have a question on the booking fee. It says they're non-refundable. What if you apply and the mortgage is declined? As it's payable on application, do you still lose it?

This is what most of the lenders do 'non-refundable booking fee' if applies. The basic rule of thumb is that, you add the booking fee to your borrow amount instead and cover the remaining amount in your deposit instead. This way you will not be out of pocket on booking fee if for any any reason you are declined.

A lot of people lose money on booking fee because they do not think about it this way, however brokers know this very well and all good brokers would advice you to follow the rule of adding booking fee to the borrow amount.

cwcw

I think the fact they have admitted that you could have been changed on to the new, lower rate up to the booking fee being taken, and you having tried to do that on many occasions and failing due to apparent staff incompetence, means that HSBC should have no choice but to admit fault and put you on the lower rate as a goodwill gesture.

PS. I too am staggered by the majority support for the bank in this situation, when clearly this could have been sorted out before the rate was booked.

Brinkster

Received an update in the post over the weekend after numerous chases that HSBC hope to finish their investigation by 14th December.

That is a whopping TWO MONTHS since the complaint was raised, FREEZING the mortgage application in the mean time (which we have been told is due to be offered, but held up by the investigation).

I just don't think such a timescale to deal with a complaint during a mortgage application is acceptable at all. :mad: