HSBC Mortgage Offer About To Expire. Help!

strawberries1

Hi all,

My mortgage offer expires on the 22nd ie on Sunday but HSBC says we must complete by 20th and no extension.

Tenant moved out today. The Notice of Eviction is for the 17th so we can't exchange or complete prior.

I rang HSBC to request an extension which they refused. My sol wrote them as well. However, speaking to them today they say my sol said the tenant was due to move and we're looking to exchange in August ie no date was specified.

In their response to my sols HSBC says completion must be the friday before ie 20th so I'm in fact losing 2days instead of HSBC adding 1 day to make it 23rd (Monday).

How can I appeal to HSBC to extend by a week or a few days so I don't lose about £975 in fees? They're refusing to budge on the 6months.

mije1983

Not a lot you can do if they refuse to extend.

Can you push for exchange/completion on the same day? What was your plan with it coming so close to the expiry date?

Thistle86

Did you go direct or via a broker?

If via a broker get them to resubmit the application if direct speak to a mortgage advisor and get them to do the same.

Then ask them to transfer everything over from the old to new applications, fees, documents and valuation. You might need to provide a few more documents if the others are out of date but providing the valuation is still in date this might be a better option. Your offer expiry date will then be the same as anyone else applying that day. You will probably have to go for a different product though as yours may no longer be available.

Hope this helps

(I am a mortgage underwriter with another lender so see this sort of thing a lot)

strawberries1

Thistle86 wrote: »

Did you go direct or via a broker?

If via a broker get them to resubmit the application if direct speak to a mortgage advisor and get them to do the same.

Then ask them to transfer everything over from the old to new applications, fees, documents and valuation. You might need to provide a few more documents if the others are out of date but providing the valuation is still in date this might be a better option. Your offer expiry date will then be the same as anyone else applying that day. You will probably have to go for a different product though as yours may no longer be available.

Hope this helps

(I am a mortgage underwriter with another lender so see this sort of thing a lot)

Thanks I'll give this a try. I've rang HSBC twice and on both occasions they said they won't extend it. I paid almost £1,000 in fees for this mortgage.

sal_III

strawberries1 wrote: »

Thanks I'll give this a try. I've rang HSBC twice and on both occasions they said they won't extend it. I paid almost £1,000 in fees for this mortgage.

to whom did you pay the fees to? In most cases they are not payable if you don't actually use it i.e. on completion, when the funds are released.

strawberries1

sal_III wrote: »

to whom did you pay the fees to? In most cases they are not payable if you don't actually use it i.e. on completion, when the funds are released.

HSBC doesn't use 3rd parties. So it was direct. I paid it to HSBC.

strawberries1

Thistle86 wrote: »

Did you go direct or via a broker?

If via a broker get them to resubmit the application if direct speak to a mortgage advisor and get them to do the same.

Then ask them to transfer everything over from the old to new applications, fees, documents and valuation. You might need to provide a few more documents if the others are out of date but providing the valuation is still in date this might be a better option. Your offer expiry date will then be the same as anyone else applying that day. You will probably have to go for a different product though as yours may no longer be available.

Hope this helps

(I am a mortgage underwriter with another lender so see this sort of thing a lot)

Thanks. HSBC is happy to transfer the fee but rates are higher and it'll take a while.