HSBC online mortgage FTB problem - anyone else?

AnxiousFTB

Hi all, I am a first time buyer and have been restricted to applying to HSBC due to the lack of 10% deposit mortgages elsewhere. Its been weeks now since my offer on the house was accepted and I feel no further forward and so incredibly frustrated. I have repeatedly encountered problems with the online application process, the application timing out, the decision in principle going missing from my online account, not logging in properly and spending hours and hours on the phone on hold with HSBC trying to sort it out. I finally submitted the application after the website allowed me and there was a 'fatal error' and it deleted loads of my information and I had to apply again. Since trying to apply again, HSBC will not do non-advised for 10% deposits so I have been forced down the advised route, even though I know exactly which product I want. The website also doesn't tell you the non-advised route has been removed - it still lets you select it and shows a technical error instead rather than just being clear. 
I have had to repeatedly ring to ask for the link to be sent to upload my documents (bizarrely only wanting a pay slip and not bank statements?) and the email still hasn't arrived. I have had to ring again to book an appointment only to be told it is going to be weeks until someone can do a 2 hour Zoom call with me so I will have to take the afternoon off work. I have already submitted all of the information (other than the payslip) so I really don't know what we are going to discuss for 2 hours.
I am just concerned it is going to take several weeks before my information is even on front of an Underwriter, never mind before surveys are booked.
Is anyone else having this issue? 
I know there will be a huge demand on HSBC with all the other banks removing their products, but I am just so frustrated with this process and it's barely begun - surely it shouldn't be this hard?

mallets10

I’m in the same situation but have sold our house to FTBs so the clock is ticking. Applied online, DIP obtained, proceeded to full mortgage application, my husband signed in to confirm all of his details and application has been sat at ‘decision obtained’ for a week. We have called HSBC to be told various different things ( valuation has been done, valuation hasn’t been done, an underwriter will look at it within 3 days, call back tomorrow...). Also had a call from their surveyor (STL) who said they are not currently doing building surveys, which we opted for, due to COVID restrictions/ protecting staff. I don’t even know if that means they will go ahead with the valuation or the application is on pause! All I can safely say is, I’m stressing, hubby is stressing just because we need a 90% so limited options and the status updates are so poor. We wanted to go with Halifax as we did original mortgage with them and the mortgage advisor was brilliant but they are only doing 85%LTV downward. I’m starting to wonder if it’s worth it and maybe we should pull out and stay where we are?
keep me updated anxious FTB!

robyn841

Is there a reason you dont want to use a broker? A good one is worth their weight in gold, if you are worried about cost there are brokers who get their income from the lenders, not you. It would be quicker and so much less stress! I highly recommend it.

AnxiousFTB

Thanks for replying - I had heard bad stories about fees from brokers and also I just assumed as HSBC are the only bank offering 10% mortgages then how would a Broker get me a product elsewhere. The first DIP was so easy to do I thought the rest would be easy and thought I would sort it myself! 

AnxiousFTB

Right I've been recommended a local broker who doesn't initially charge and I'm going to call them tomorrow to see what they say. I've no idea if this makes the process any quicker or whether its a silly idea to cancel my current application (not that's been officially submitted yet) in preference to a broker, but this constant sitting on hold and telephoning is wearing my patience thin - tried logging onto my application tonight and its locked me out again and of course the phone lines shut at 8pm. 

haras_n0sirrah

I have managed to submit 2 90% deals to hsbc this week. It is certainly doable by brokers 

robyn841

It's worth having a look, they might not be able to find any deals you couldnt find yourself, but it would solve all the problems you are having and there is a better chance the application will be completed correctly. You will also have someone to ring up when you are panicking about your mortgage (yes I've done this lol). Have look locally, the first one I tried (an online broker) wanted to charge us £1500 plus the mortgage fees but then we rang a local one and hes sorting our mortgage completely free and he found us a 90% LTV without product fees. 

mallets10

Be careful you don’t end up with multiple hard credit searches

AnxiousFTB

Thanks everyone. I was concerned about hard credit searches but I was told when the original application corrupted (immediately after being submitted and before anyone viewed it or requested documentation) that a search hadn't been carried out yet so I assume the same for this one, as it hasn't officially been submitted as they won't let me choose the product. The Broker has come recommended and I have been told gets their fees from the lenders rather than upfront. I am going to give them a call tomorrow and see what they say. 

LRmortgage

There are two other lenders currently at 90% that are accessible by brokers only. So definitely worth speaking with a broker... 

robyn841

Awesome, good luck! Let us know how you get on. Full application was done the day after our DIP so may well be quicker than doing it youself.