Mortgage with HSBC - First time buyer in Scotland

littlewillow87

Our offer for an Edinburgh flat was excepted on Fri 14th Mar. However, the seller only accepted the offer with the condition that we have to complete everything by 25th Apr (exactly 6 weeks). This is a repossession so it's chain free.
They also required us to conclude the missives on 14th Apr, so that only give us 4 weeks to get the mortgage.
We have got Decision in Principle from HSBC that they'd lend us up to £175k. We're looking at borrowing 165k (deposits 45k, house price 210k)
Now we're so worried that we wouldn't have the full mortgage within 4 weeks. We had a mortgage appointment with HSBC today and they said they would answer us within 24 hours that our application has been approved / declined / need to go to underwriter.
They said if it is approved straight away, we could get mortgage in 2 weeks. But if it needs to go to underwriter it will take longer.
Our situation: mortgage application in my husband name, salary £42k, no debt except student loan, good credit score.
I've heard that buying a house in Scotland is generally faster than England. But is it likely that we could get the mortgage offer in 4 week time even if you have to queue for underwriting?


Thanks in advance.

Thrugelmir

Difficult to commit to something that you have no control over. See what the outcome is tomorrow.

amnblog

Buying a property is faster on the legal side. Arranging mortgages are no quicker.

Whether HSBC will meet this ambitious target is a question that cannot really be answered. They are normally extremely picky, so an offer in principle seems to suggest you have a clean case and are in a position to go through as quickly as their workflow allows.

littlewillow87

amnblog wrote: »

Buying a property is faster on the legal side. Arranging mortgages are no quicker.

Whether HSBC will meet this ambitious target is a question that cannot really be answered. They are normally extremely picky, so an offer in principle seems to suggest you have a clean case and are in a position to go through as quickly as their workflow allows.

Thanks, HSBC got back to us today saying our application has been "approved subject to conveyancing/searches etc. "
HSBC seem quite positive and tell us to go ahead with the purchase so it seems like 4 week deadline is not impossible.
We will have a 2nd appointment with them in a week time, not sure what that's for but it's exciting that things are going well.

Mokka

The second meeting is usually about signing the paperwork and deciding on type of insurance you want.