HSBC One Day Mortgage

truffle

Has anyone gone through the HSBC One Day mortgage process

mainly wondering how long it takes to go through....approval....valuation etc

all comments welcome

AnotherJoe

Am I missing something when I say I'd expect it to take ....., "a day" ?

dgtazzman

Just going through a HSBC mortgage application now, though I used the online option without mortgage advice. The main underwriting took a day and the system says the mortgage was in essence approved in that day, pending production of satisfactory payslips and bank statements and the valuation comes in ok.

I submitted my application online PM on the 18th, credit check was done on the 19th, underwriting was done on the 20th and status online updated on the 21st AM with the message the decision was made in essence, to send in my payslips and bank statements and provide them with information to arrange the valuation and my solicitor details.

Payslips etc. have to be mailed to their processing center, they can't sign off on those in branch, so it takes 1 or 2 days for the processing center to receive those and my valuation is taking place next Thursday, a week after the underwriting was done and basic approval was given.

All in all, going a lot faster and smoother than I expected.

amnblog

AnotherJoe wrote: »

Am I missing something when I say I'd expect it to take ....., "a day" ?

Ever the optimist

michelle09

We had an in-branch appointment at 9am. Mortgage was approved in branch subject to valuation at 11am.

The valuation was carried out five days later and we received the formal mortgage offer 10 days after the original appointment.

FTB so not sure if that's particularly quick but it was probably the easiest part of the process for us.

truffle

thanks for the responses so far......im finding that HSBC use Countrywide for conveyancing and they are getting bad reviews

is having countrywide involved a must for HSBC?

dgtazzman

Nope, you are free to use your own sols, best if they are on HSBC's approved board, or it will cost you an additional 295 Pounds. I'm told they use Connells for their surveys and valuations, at least here in Wales...

marksoton

I'm bemused by people thinking a one day mortgage offer is a positive selling point.

I'd far rather everyone took at least a bit of time and got everything right!

Lemonsqueezer78

marksoton wrote: »

I'm bemused by people thinking a one day mortgage offer is a positive selling point.

I'd far rather everyone took at least a bit of time and got everything right!

I'm not sure I follow your logic... by all accounts, many companies that do take far longer still frequently get it wrong. Besides, the finance is not the thing I'd worry about speeding up.. the conveyancing perhaps I would be more cautious about - but not the money side. To be honest, that should go faster than it usually does, in this day and age.