How long for HSBC application to be placed by broker?

[Deleted User]

Hi - Our buyers are applying for a 90% ltv mortgage with HSBC. We get on really well and there's been great communication through the chain so far. They have used the estate agents broker who is supposed to be very good. So far, we've been waiting two weeks for the broker to manage to get the application through with HSBC. Now, I know there have been big delays but is it likely this is probably more of a wait just because of how many are in the queue with him? We were advised a week ago there was only one ahead of them and that it should have been sorted by the end of the week. I'm just wondering if this is very normal at the moment? I feel for them as well because rates are going up all the time it's delayed.

Process90

Depends on their individual circumstances with employment and income etc. but it seems as though 85% LTV and upwards is taking weeks.

IAMIAM

Its interesting that your buyers let you know their deposit situation..

[Deleted User]

Thanks @Process90. It isn't even in yet which is why I'm slightly concerned. I'm expecting it to take weeks once it's with HSBC, but this is the broker physically getting the application in 

Process90

Deleted_User said:

Thanks @Process90. It isn't even in yet which is why I'm slightly concerned. I'm expecting it to take weeks once it's with HSBC, but this is the broker physically getting the application in 

Ahhh I see! In that case, I know for a fact that HSBC were and probably still are limiting the number of broker applications they receive at 90% and up, a day, due to demand and staffing.

We were at 85% and our broker couldn't submit one a few weeks ago due to the broker limit and told us to submit directly with them - which was an utter disaster because their system is glitchy as hell and we ended up submitting the application wrong, wasting 2 weeks, and getting told to go back to the drawing board by an underwriter.

We've now upped our deposit for 80% LTV and our original broker has now been able to submit our application for us. Either way I think the situation is a little bit better than it was weeks ago. 

Our vendor has also had the patience of a saint, so far...

28tsw

It’s probably the queue. We are only 90% LTV customer with our broker. He got DIP on day two of trying and application through on day one of trying (this morning). He explained he had two screens open to start again as soon as other crashes. Not sure if all brokers try as hard.