Is it possible to get a mortgage on-line?

scoobes19

Hi all,

I have a current mortgage with HSBC. Originally taken out as fixed with the fix expiring last year. I then went onto a variable rate (3.94%) - which was cheaper than my fix.

After a lot of calculating and paying a lump sum off at the weekend, we're looking to move to another fixed rate with HSBC. We were looking to reduce the term and go onto a 2 year fee saver (2.49%).

I applied on-line this afternoon and spent an hour completing all the paperwork, only to be told I needed to speak to an advisor.

I have just been on the phone to them, and because we are looking to reduce our term, we have to speak to a mortgage advisor. They have booked me to speak to an advisor next Wednesday afternoon on the telephone, I've just been told this will take 2 hours!!!! My original mortgage appointment when we first took out our mortgage was quicker than that. It sounds like they will only be asking me exactly the same questions as in the on-line application.

When I asked why I had to be put through all this, his reply was pretty much, we don't really do applications on-line anymore!!!! So why on earth was I able to get through an entire on-line application if this isn't an option anymore?

Sorry for the rant! But my question is, does anyone anywhere allow on-line applications? I really need to get this moving asap so I can get myself onto the MFW thread!

Be interested to hear from you all.

Many thanks

Scoobes

ACG

You can do it on the basis that everything remains the same (term/mortgage amount etc) - even if you wanted to pay off a lump sum and reduce it down, you could not do it online.

Its not HSBCs fault, its rules that have been brought in.

A 2 hour appointment is a long time and is crazy and possibly overkill - a mortgage advisor (as in whole of market or independent) probably takes about half that in an initial appointment but they have to now provide advice and are $...t scared of getting a complaint made against them they would rather do too much than too little.

Dont HSBC allow unlimited overpayments? If they do you could leave the term the same and then just make overpayments to bring the term down yourself?

Yorkie1

As you're applying to change the existing terms of your mortgage (i.e. the length), it's a fresh application rather than just a product transfer.

An alternative way of going about it would have been to a straightforward product transfer online, and then overpay to reduce the term that way.

That's assuming that HSBC do allow online i.e. automated product transfers. I know that NWide do, because that's what I did a couple of months ago. I'm now overpaying by quite a lot but retain the flexibility of the lower payments over the original term in case I need them.

scoobes19

Thanks both. Basically, I wanted to reduce the term, but do it in a controlled way, reducing the mortgage to 5 years was maxing out our payments. We were hoping to then complete the final payments at the end of the fixed rate when we have a couple of bonds maturing

I think remaining with HSBC and speaking to their "advisor" will probably be the easiest bet, albeit laborious and annoying!

kiddakidda

For me, It's all gone from one extreme to the other.....

Yes, years ago Northern Rock, GMAC etc were giving away 125% with very little checks on affordability and in some cases no need to even show you had income.

You can't even get in front of a BS or Bank Mortgage advisor now without a 4-8 week wait.

Brokers and intermediaries must be lapping it up!!

Recently my partner and I have spoke to Chelsea, Barclays and First Direct and the closest telephone appt was end of August. September if you wanted to speak to a Barclays Sheldon Rep in Branch.

Flippin Joke!!

ACG

Why not speak to an actual mortgage broker.

You can see them much sooner - purely because we can do the same job in much less time, and we will ensure you get a decent deal as we can search more than just 1 lender. On top of that you get the support/guidance that comes with it.