HSBC mortgage appointment

HomeownerDreamer

I've got a DIP with HSBC. As I need 90% LTV I had to call to get any further. They've booked a phone appointment for Wednesday which will last around 2 hours. They've only asked for me to upload my latest payslip in advance. Has anyone else had a similar appointment and what sort of things does it go through? 2 hours seems such a long time.

AnxiousFTB

I'm in exactly the same boat, I had problem after problem with the portal and now I have this two hour appointment next Monday. I was told I would get a welcome call prior to Monday but nothing yet and no details on the zoom login. I've also used uploaded my payslip and provided as much info as I can. 

HomeownerDreamer

They asked me if I wanted a phone appointment or zoom. I said phone as I don't have zoom set up anyway. They said I won't get a call ahead of time cos I managed to get a slot someone else had cancelled otherwise would've had to wait a couple of weeks. Just can't understand what could need that amount of time. I'm WFH and will have 2 young kids in the background. Not going to be easy.

heston2014

It could take 2 hours as they will go through your finances - income and expenditure, complete an application with all of the details they need from you. They are being thorough with your application in order to find you the best product and make their recommendation based on what information you will provide to them.

HomeownerDreamer

Thanks. Going to assume it could be shorter than that then if things are straight forward. I'm in a salaried permanent job, no unusual income, no monthly commitments except travel costs for insurance, road tax and fuel, no debt and no credit issues. The amount I need to borrow is a fair bit less than I'm eligible for so will definitely be comfortable paying. I already know what product I want, 2 year fee saver as I want the flexibility to move after a few years and the amount I'm borrowing isn't enough to justify the fee. Hopefully it's a simple case.

heston2014

HomeownerDreamer said:

Thanks. Going to assume it could be shorter than that then if things are straight forward. I'm in a salaried permanent job, no unusual income, no monthly commitments except travel costs for insurance, road tax and fuel, no debt and no credit issues. The amount I need to borrow is a fair bit less than I'm eligible for so will definitely be comfortable paying. I already know what product I want, 2 year fee saver as I want the flexibility to move after a few years and the amount I'm borrowing isn't enough to justify the fee. Hopefully it's a simple case.

Possibly less than 2 hours, if case is straight forward. However, absurd as it may sound, having no debt can also mean no credit history which can be seen as risk to lenders. Unfortunately, having zero debt is just like having bad credit history. It’s sounds really absurd as one would think no credit means low risk to lenders, right? But having a credit history where there are no missed payments, accounts held for a long time, no CCJ etc. can be seen by lenders are the borrower not being a risk to lend their money to. This is because it demonstrates the borrower is capable of handling debts responsibly by making payments on time.

Hopefully, not in your case but if you do “fail” credit check, it may well be due to not having sufficient credit history for the lender to be satisfied you’re not a risk.

HSBS happens to be one of the strictest lenders unfortunately so just as a heads up.

HomeownerDreamer

Thanks, I do have a previous credit history, eg catalogue account that I paid off a good while ago with no issues. I use Credit Ladder to report my rent payments on my credit file so hopefully that shows a good track record of regular payments. I have a small overdraft and catalogue credit available but I haven't used them for over a year. I've passed the DIP so surely that's a good thing?

heston2014

HomeownerDreamer said:

Thanks, I do have a previous credit history, eg catalogue account that I paid off a good while ago with no issues. I use Credit Ladder to report my rent payments on my credit file so hopefully that shows a good track record of regular payments. I have a small overdraft and catalogue credit available but I haven't used them for over a year. I've passed the DIP so surely that's a good thing?

DIP pass is a good indication, the advisor will go through your income and expenditure on the call so assuming all well within their affordability criteria, shouldn’t be any issues. 😊

HomeownerDreamer

Thanks I hope so. It's so scary with the limited choice of lenders at the moment. It feels like it's all or nothing.

Slimby

I am in the same position. Very worrying as there is so little out there and it feels like I am a little doomed at the moment. 

If anyone has gone through this appointment please let me know how it went x

HomeownerDreamer

When is your appointment Slimby?