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HSBC Application and Valuation
rcopus
Posts: 7 Forumite
I've read many threads on here, mainly horror stories about people applying to HSBC for their mortgages.
Nonetheless my wife and I have recently applied for a mortgage with them online.
Is it normal with HSBC that they instruct a valuation on application? I was surprised that following full application in the evening, that a valuation had been carried out the next day! I've read lots of posts on MSE from people obtaining mortgages subject to valuation so had always assumed it was something done after a mortgage was offered.
My online application is currently at the 'application under review' stage which followed 'decision obtained'.
HSBC have requested 3 months of payslips and bank statements as only my wife banks with HSBC I guess. These were taken into a branch for them to copy and pass on this Saturday.
Nonetheless my wife and I have recently applied for a mortgage with them online.
Is it normal with HSBC that they instruct a valuation on application? I was surprised that following full application in the evening, that a valuation had been carried out the next day! I've read lots of posts on MSE from people obtaining mortgages subject to valuation so had always assumed it was something done after a mortgage was offered.
My online application is currently at the 'application under review' stage which followed 'decision obtained'.
HSBC have requested 3 months of payslips and bank statements as only my wife banks with HSBC I guess. These were taken into a branch for them to copy and pass on this Saturday.
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Comments
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HSBC have always maintained tough underwriting criteria in during the credit crisis. They surfaced at the top of the pile of UK mortgage lenders as other lenders fell by the wayside as their new lending contracted. So take the "horror stories" with a pinch of salt. HSBS do however have a very specific target market in mind.
The valuation forms part of the offer process. To speed matters up it will be requested when application is made. However when it's actually performed is dependent on the availability of a surveyor. Sounds as if you've been fortunate.0 -
Remortgage or purchase?
Low loan to value?
The following day is possibly too short a period to get an inspection done, so it could be a "desktop" if either of the above apply.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks Thrugelmir - I won't read anything into it then!
kingstreet - Its a purchase, FTB's, 80% LTV.
I wasn't expecting to a see a copy of the valuation either, however one arrived in the post today.
Will just wait it out rather than overanalysing, easier said than done for me though!0 -
I'd expect an inspection to be done for 80% LTV. I can only think Countrywide had someone nearby already and they could pick it up immediately.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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