Experience with HSBC?

nicky_boo

Hi everyone,
I would like to arrange my own mortgage and I believe for my requirements, the best deal is with HSBC. We have a large deposit, but will still borrow around 50% LTV (over £450k).

A solicitor I spoke to said they would charge more if my lender is HSBC because of their difficult processes! Brokers are trying to put us off from HSBC too. I think this is because HSBC only deals direct. We need to move very quickly and lender needs to be quick too as we are buying from the builder with tight deadlines.

HSBC has the best deal as far as I can see. I have time to deal with paperwork, lender etc myself as I am currently not working - on extended maternity leave.

Thanks for reading thus far. Will I regret using HSBC? Any comments/experience will be appreciated.

Thank you.
Nicky_boo

kingstreet

Brokers will tell you the situation with particular lenders whether they will benefit from it, or not.

AIUI it is taking about three weeks to get an appointment with an HSBC advisor.

Their legal processes are less straightforward as they do not subscribe to most of the CML Handbook, the "bible" used by solicitors to establish lender requirements. If you are borrowing above a certain amount, or your solicitor is not CQS accredited, HSBC will instruct its own solicitor to act for it, at your expense. This adds further risk of delay as this will almost certainly be the HSBC panel manager Countrywide Conveyancing.

You are going to have to do what brokers do every day. Make a decision on a lender based on the speed needed to get an offer against the product on offer.

Thrugelmir

Nothing wrong with HSBC at the end of the day it's the long term cost of the mortgage that matters above all else. You may struggle to obtain an appointment to see an advisor as HSBC are extremely busy. So might not fit in with your tight timescales.

Wh05apk

Thrugelmir wrote: »

Nothing wrong with HSBC at the end of the day it's the long term cost of the mortgage that matters above all else.

The "long term cost" is irrelevant if they lose the property because they cannot get the mortgage in place in time.

nicky_boo

Thank you very much. I appreciate all your comments. After talking to HSBC, I am not convinced that they can move quickly at all and decided to go ahead with Halifax.

kingstreet

nicky_boo wrote: »

Thank you very much. I appreciate all your comments. After talking to HSBC, I am not convinced that they can move quickly at all and decided to go ahead with Halifax.

You'd make a good broker.

The pragmatic approach couldn't be more clearly visible than a choice to go with Halifax which inspires no-one with its products, but which is capable of getting a case from application to offer in a few days...

Wh05apk

Because, sometimes "at the end of the day it's NOT the long term cost of the mortgage that matters above all else"

Thrugelmir

Wh05apk wrote: »

The "long term cost" is irrelevant if they lose the property because they cannot get the mortgage in place in time.

Nor is a vendor going to lose a potential sale unnecessarily. Best to keep matters in perspective. High pressure sales tactics are nothing new.

An empty built property is costing the developer interest. All of which reduces their profit.

Wh05apk

Thrugelmir wrote: »

Nor is a vendor going to lose a potential sale unnecessarily. Best to keep matters in perspective. High pressure sales tactics are nothing new.

An empty built property is costing the developer interest. All of which reduces their profit.

The OP is purchasing a property a new build property (I assume as from the builder) these normally have a 28 day exchange, so cannot afford to wait 3 weeks just to see an "advisor" to start the sales process, I agree these are generally sales tactics, but depending where the OP is new build properties are in very high demand, if the developer thought the OP was wasting their time, they would have the property back on the market, and likely re-sold in days.


You contradict yourself by saying an empty property is costing the developer money, that is the reason they want a quick exchange/completion, and hence why they need to see things moving.