HSBC Mortgage Underwriting

London_FTB

Hi All,
We have recently applied for a FTB mortgage with HSBC, with a 90% LTV.
We had to chase HSBC on 01/07 as we could see no progress with our application, and were then told the property has passed valuation and we have also passed credit checks. The advisor then said she would push the application through to the underwriters, as our mortgage advisor was away. We can now see the application was 'last modified' on 02/07. After chasing HSBC again on 03/07, they have said the underwriters have proceeded quite a way.
We are growing a little impatient as the property's vendor is keen to move quickly with the sale. We went through the process with an advisor, have provided all documentation and have been told no flags have been raised yet. We submitted the application through an advisor on 22/06. We both have good credit and more than sufficient annual income for the loan value. 
Can anyone enlighten us as to how long the underwriting process (specifically with HSBC, if possible) usually takes? Or has anyone have a timeline for their HSBC mortgage application? We are two very nervy FTB's!
Many thanks!

heston2014

We’re also waiting for HSBC, apparently, it’s 7 day timeline from uploading documents for underwriter review. If no update by day 7, contact them again and they can “expedite” the application to be assessed by underwriters.
Others have had offers within 10 days which is pretty standard for most lenders. Some can take longer depending on circumstances.
Our application is awaiting review, at least you’ve got valuation done already. 😬

Jamaicanmelaff

I’ve seen most employed people say that their full cases from application to offer are going through in anything from just over a week to about 3-3.5 weeks max recently. Self-employed or specialist cases are longer. 

watch3r

So it’s valuation and then underwriting ?? I thought you first go to underwriting then valuation. 

heston2014

From what I’ve heard, underwriting first then instruct valuation followed by final offer.
If underwriter is satisfied, it goes to “Approved subject to valuation”. Depending on valuation report, if lower valuation or property issues, then offer will either be revised or rejected.

Other lenders instruct valuation before underwriting. It just depends on lender’s policy.

London_FTB

heston2014 said:

From what I’ve heard, underwriting first then instruct valuation followed by final offer.
If underwriter is satisfied, it goes to “Approved subject to valuation”. Depending on valuation report, if lower valuation or property issues, then offer will either be revised or rejected.

Other lenders instruct valuation before underwriting. It just depends on lender’s policy.

Our mortgage advisor booked our valuation immediately after our call with HSBC. I believe HSBC did our valuation remotely so they're able to keep up with demand. Our valuation was approved quickly, so we're just waiting for approval from the underwriter.

Does anyone know if underwriters work weekends? We told our EA we'd hear a decision by Tuesday (which our mortgage advisor told us would be a rough eta). Very keen to hear back.

heston2014

London_FTB said:

heston2014 said:

From what I’ve heard, underwriting first then instruct valuation followed by final offer.
If underwriter is satisfied, it goes to “Approved subject to valuation”. Depending on valuation report, if lower valuation or property issues, then offer will either be revised or rejected.

Other lenders instruct valuation before underwriting. It just depends on lender’s policy.

Our mortgage advisor booked our valuation immediately after our call with HSBC. I believe HSBC did our valuation remotely so they're able to keep up with demand. Our valuation was approved quickly, so we're just waiting for approval from the underwriter.

Does anyone know if underwriters work weekends? We told our EA we'd hear a decision by Tuesday (which our mortgage advisor told us would be a rough eta). Very keen to hear back.

We went for a non-advice route directly and no sign of valuation being booked. We’re hoping tomorrow will be the day will get some real updates on the status of our application. When I last contacted HSBC, they said from the point of documents being uploaded, it’s 7 days (including weekends) for underwriters to pick up and review applications. So if there’s any truth in that, we should receive an update tomorrow.  It’s my understanding that if valuation has been booked, HSBC sends a text  that “application approved subject to valuation”.  Are you sure they booked your valuation? Did you get a standard one free or paid for it?

Thrugelmir

London_FTB said:

heston2014 said:

From what I’ve heard, underwriting first then instruct valuation followed by final offer.
If underwriter is satisfied, it goes to “Approved subject to valuation”. Depending on valuation report, if lower valuation or property issues, then offer will either be revised or rejected.

Other lenders instruct valuation before underwriting. It just depends on lender’s policy.

Does anyone know if underwriters work weekends? 

Unlikely. 5 days a week is sufficient. 

tigsly

Our mortgage offer was completed today (it was approved and got the text.. ) I was surprised as it was a Sunday (the whole process took under two weeks! (We were remortgaging from HSBC to HSBC - so it might be different!)   Someone said earlier they were working 7 days a week.  We had an 'online valuation' not a visit (they gave us quite a low valuation - but we stayed in the same LTV bracket so it was fine). 

heston2014

tigsly said:

Our mortgage offer was completed today (it was approved and got the text.. ) I was surprised as it was a Sunday (the whole process took under two weeks! (We were remortgaging from HSBC to HSBC - so it might be different!)   Someone said earlier they were working 7 days a week.  We had an 'online valuation' not a visit (they gave us quite a low valuation - but we stayed in the same LTV bracket so it was fine). 

Congratulations! Another applicant had their offer come through today - 3 weeks timeline.  Still no update on ours yet.  So frustrating!

London_FTB

tigsly said:

Our mortgage offer was completed today 

Congratulations!

heston2014 said:

  Are you sure they booked your valuation? Did you get a standard one free or paid for it?

Yes we are pretty sure. 2 people at HSBC have confirmed our valuation was already approved. We had a free valuation included in the rate we chose. Have you heard anything today?

We still haven't heard anything from HSBC, since it was sent to underwriters on 01/07.
As we completed the application with an HSBC mortgage advisor (with advice), I imagine we won't need to upload any more documentation as they were pretty thorough, and we don't physically have any more documentation to provide! When we've chased, phone advisors have told us that the underwriters have made 'good progress', but since then it hasn't appeared to have progressed at all despite their mortgage advisors expediting it twice now.. We keep being told different durations for HSBC underwriters' assessment from different HSBC phone/online advisors (4-6 days, 7 days, 10 days), which doesn't help!
We really don't want to hold our vendor up, so keep hoping it'll come any day now!