HSBC online mortgage FTB problem - anyone else?

sully1311

LRmortgage said:

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

Are these high street rates?

Facknats

DON'T go with a broker for HSBC at the moment. They are severely limited in the number of apps they can make and it will delay you further (as opposed to applying yourself). HSBC are struggling to process the entire FTB market at the moment, as other lenders are pulling 90% products. Part of me idly wonders if the portal is broken by design, to reduce pressure.

Make the telephone/zoom appt and suck it up as part of buying a house in the middle of a global pandemic. They will redo the application with you as your online one is probably useless/inaccessible.
Or try First Direct, slightly higher rates, also owned by HSBC but less overwhelmed.

28tsw

Facknats said:

DON'T go with a broker for HSBC at the moment. They are severely limited in the number of apps they can make and it will delay you further (as opposed to applying yourself). HSBC are struggling to process the entire FTB market at the moment, as other lenders are pulling 90% products. Part of me idly wonders if the portal is broken by design, to reduce pressure.

Make the telephone/zoom appt and suck it up as part of buying a house in the middle of a global pandemic. They will redo the application with you as your online one is probably useless/inaccessible.
Or try First Direct, slightly higher rates, also owned by HSBC but less overwhelmed.

Are you a broker? I was considering a broker as they’d have more time to try to submit this type of application and know where’s easier atm but your comment seems to suggest the opposite is true! I know L&C are swamped currently whish ties in with what you say but can’t see how Habito are getting on or independents

Facknats

28tsw said:

Are you a broker? I was considering a broker as they’d have more time to try to submit this type of application and know where’s easier atm but your comment seems to suggest the opposite is true! I know L&C are swamped currently whish ties in with what you say but can’t see how Habito are getting on or independents

No I am not a broker, FTB who has just done the merry dance and waiting on mortgage decision. 
Brokers have a separate application process and there's not enough to go round- I have been reliably informed that the limit is filled by 9.30am most days (or at least was the case several weeks ago). Independents *might* get you through because they don't have hundreds of applications to try and push through and only 2 or 3 a day successful.

Having done all this I would recommend just applying over the phone via an advisor.

thread_astaire

I use trussle, its free & they do all this for me as well as find a cheap deal. 

haras_n0sirrah

I have managed to book two hsbc applications at 90% in the last 7 days which were both the ones I had to do. It can certainly be done

Facknats

haras_n0sirrah said:

I have managed to book two hsbc applications at 90% in the last 7 days which were both the ones I had to do. It can certainly be done

Which is significantly better if you have just two applications to process than 500 to process and two successful applications

haras_n0sirrah

Which may well Facknats said:

haras_n0sirrah said:

I have managed to book two hsbc applications at 90% in the last 7 days which were both the ones I had to do. It can certainly be done

Which is significantly better if you have just two applications to process than 500 to process and two successful applications

Which may well be the situation that some of the large brokers (trussle, habito, l&c are in)
As a small independent we are managing to book the hsbc deals in typically two days (day1 aip, day 2 application) because we don't have hundreds of them

Cscott139

I have had 2 90% mortgages with HSBC submitted in last 2 weeks. You just have to be up early!

junglist_matty

If I were you, I wouldn't worry too much:

We have a HSBC mortgage, which we applied for online (without advice) on the 23rd Jan 2018 - when there was no lockdown AND there was no shortage of mortgage deals. Our application was reviewed and we had to submit payslips and affordability evidence, our application was also sent over to their underwriters for affordability approval - who essentially rubber stamp the application. Our mortgage offer document was recieved on the 15th Feb 2018.

So the whole process for us, took 23 days from applying online to getting a certificate (I'm not sure how much of a delay having advice would have added in normal circumstances). I imagine in the current climate, most FTB with 10% deposits are going to have to go through their underwriters to prove affordability, and that's the bit that takes time - I think our application was stuck with them for about 2 weeks - when there wasn't an abnormal backlog of applications for them to deal with.