HSBC mortgage application successful but formal offer not received yet

fryderykchopin

Last week I received a phone call from the HSBC mortgage manager saying that the valuation was satisfactory and I would receive an offer. He said that he had issued my offer documents and that I would receive them in the post within 7 days.

Today I receive a letter where I only found some reports about his mortgage advice, but no formal offer letter.

I phone immediately to be told that I should have received an email on the very same day as the phone call last week, which I did not. So I have not received any formal offer, however my solicitor apparently received a copy last week.

I have asked them to send me the offer by post, but I am worried because I remember that I was told I had 7 days to accept the offer once it was made, which apparently was last week / 7 days ago, but I have not received any offer documents yet.

Should I be worried about this? Anyone had similar problems?

[Deleted User]

Broker or direct?

Broker can email you the offer. HSBC do the same offer for solicitor, client, and broker so it will all be the same 

The system is supposed to send a text with a password to access a link on an email.   It's not uncommon for it to fail though 

fryderykchopin

Deleted_User said:

Broker or direct?

Broker can email you the offer. HSBC do the same offer for solicitor, client, and broker so it will all be the same 

The system is supposed to send a text with a password to access a link on an email.   It's not uncommon for it to fail though 

I applied directly, without a broker. I will ask my solicitor to see whether they can share a copy.

However my concern is that I guess I should sign and return an offer form or something meaning that I accept the offer, which I am not sure if has already expired? I am not sure if this will cause any problems.

[Deleted User]

No, won't cause issues.  Solicitor will issue the mortgage deed shortly, you could just ask for a copy of the offer as well.  They download theirs from a system called LMS. 

There used to be an acceptance form but nothing like that now.   It's annoying for sure but no big impact or anything. 

They are issued for 6 months before they expire 

fryderykchopin

Deleted_User said:

No, won't cause issues.  Solicitor will issue the mortgage deed shortly, you could just ask for a copy of the offer as well.  They download theirs from a system called LMS. 

There used to be an acceptance form but nothing like that now.   It's annoying for sure but no big impact or anything. 

They are issued for 6 months before they expire 

Thanks a lot, that was very helpful!

bpj

fryderykchopin said:

I remember that I was told I had 7 days to accept the offer once it was made

In our case (with HSBC) there was a seven day reflection period, but we were not required to get in touch unless we wanted to accept the offer before that period elapsed (to speed up the process). After 7 days it was effectively an automatic accept.

fryderykchopin

bpj said:

fryderykchopin said:

I remember that I was told I had 7 days to accept the offer once it was made

In our case (with HSBC) there was a seven day reflection period, but we were not required to get in touch unless we wanted to accept the offer before that period elapsed (to speed up the process). After 7 days it was effectively an automatic accept.

I received a copy of the mortgage offer today from my solicitor and I realised this too. I’m not sure why I was told that, maybe I misunderstood it.

From the offer documents it seems that the formal acceptance takes place when the solicitor sends them the Certificate of Title shortly before completion.

[Deleted User]

fryderykchopin said:

I received a copy of the mortgage offer today from my solicitor and I realised this too. I’m not sure why I was told that, maybe I misunderstood it.

From the offer documents it seems that the formal acceptance takes place when the solicitor sends them the Certificate of Title shortly before completion.

There used to be a document to return from the client to confirm acceptance of the mortgage.   Maybe the info you were given was just out of date.