HSBC Online Application

kmills89

Hi everyone!

Just been to my local HSBC branch to book in a mortgage appointment, having already had a Decision in Principle from them and an offer accepted on a flat. I was told that the earliest available appointment is on June 12th - nearly three weeks away! Turns out that across 12 branches in my area of London the 7th June was the earliest possible option for an appointment.

Then called up HSBC to book a phone appointment and was told the earliest appointment for that would be the 13th June!

Given that my seller agreed to take it off the market only because I could move quickly with my mortgage (I already have DIP and all of my documentation ready for the application), a three week wait doesn't seem viable.

So... has anyone done / is doing an online application without advice (I know which of HSBCs mortages I was planning to apply for already), and would be able to advise how long the application itself took, and how long between application and final decision?

Thanks!

happytails

Cant you get a mortgage elsewhere? You arent tied to getting a mortgage where you got your DIP xx

kmills89

Yes I could - but with a DIP already in place and HSBCs good rates and first time buyer popularity at the moment I was hoping to see it through with them


Plus, I would imagine that it would take some time to get an appliction appointment with other lenders too?

Rich2808

The HSBC is a soft search DIP - so doesn't mean much in practice and won't have affected your credit rating. TSB, Halifax, RBS Natwest and other major lenders also do soft search DIPs - so no harm testing them either without affecting credit ratings.

If you want to move more quickly see a broker and explore other options. HSBC are quite choosy - and you may find you wait 3 weeks and they cannot offer you a mortgage anyway if you have a high LTV or have a high mortgage multiple relative to salary.

No point going for a lender with low rates - if they may not be suitable for your circumstances.

You can search for brokers here - and other places - or get a recommendation from family members.You might also also find local building society more amenable/flexible depending where you live.

https://www.unbiased.co.uk/advisers/mortgage-adviser#/8321126

atesixate1

I used HSBC and applied online. From application to offer took three weeks.

amnblog

kmills89 wrote: »

So... has anyone done / is doing an online application without advice (I know which of HSBCs mortages I was planning to apply for already), and would be able to advise how long the application itself took, and how long between application and final decision?

Thanks!

You cannot get a residential mortgage without advice due to regulation.


If you want a quick offer, you have picked the wrong Lender and the wrong distribution channel.


For speed use a broker.

aneary

amnblog wrote: »

You cannot get a residential mortgage without advice due to regulation.


If you want a quick offer, you have picked the wrong Lender and the wrong distribution channel.


For speed use a broker.

That isn't quite true, I have a mortgage from Leeds I did my own research before applying you get the following warning

'If you apply for a mortgage online you will not receive advice from Leeds Building Society. You will need to make your own choice about which mortgage is suitable for you and we will not assess the suitability of that mortgage to your needs and circumstances.'

amnblog

aneary wrote: »

That isn't quite true, I have a mortgage from Leeds I did my own research before applying you get the following warning

'If you apply for a mortgage online you will not receive advice from Leeds Building Society. You will need to make your own choice about which mortgage is suitable for you and we will not assess the suitability of that mortgage to your needs and circumstances.'

When was this?

Oakdene

amnblog wrote: »

When was this?

With Natwest, if your LTV is 90% or less you can apply online & you get the following:

"
If you are confident in choosing the right mortgage for your circumstances and are happy to take responsibility for your decisions without any advice, you can apply for a mortgage online.
You will not benefit from the protection of us assessing the suitability of your mortgage for you and therefore if your choice turns out to be inappropriate, we will not offer you compensation."

aneary

amnblog wrote: »

When was this?

The valuation is being completed today.

Now I'm sure that Leeds BS and as the other poster has quoted Natwest wouldn't break regulations.

jkwer521

We got a residential mortgage through HSBC online without advice, completed last September, so I'm pretty sure you can do it - we were first time buyers.

It also took just over three weeks.