HSBC Remortgage

anxious_ant

Hi all!
My 2 year deal with Santander is coming to an end in October so I thought I'd shop around for better deal. Santander is offering a nice new deal if I continue with them and reading the wording it seems that I wouldn't need to go through most of the checks.
I've decided to have a look at comparison sites and found that HSBC is doing a slightly better deal (.5% lower interest) so I've decided to apply. The application process is certainly more complex compared to the one I've done 2 years ago. With Santander I remembered my application was approved pretty quickly. I've also borrowed slightly more to for home improvements which what I'm doing now.
The application with HSBC asked loads more questions and seems to take longer. The status is currently "manual referral - submitted to underwriters for manual review" since 17th July. The decision was obtained on the 11th of July.
My circumstances are almost the same as the last time I've applied, with the exception of a new job which I've started in April that pays a lot more. I would say my outgoings have greatly reduced this year as I've been mostly working from home.I've always paid my mortgage on time in full and have never took a payment holiday.
I've not got any calls from HSBC, only a secure link to provide some documentations. Should I be worried? Has the process of shopping around for mortgage deals changed over last 2 years?

anxious_ant

So I've got an offer came in today. I'm not too sure how to proceed though. The continue application button is greyed out and reading the text it suggests that I need to contact my solicitor or convevanyer to confirm the acceptance. I'm remortgaging now taking out a new mortgage so not sure if I need one? Again, I'm pretty sure that I didn't have to go through this the last time I've switched mortgage to Santander.
I've tried calling HSBC but have been on hold for 45 minutes now....

MovingForwards

You do need a solicitor / conveyancer to do the work and follow any procedure HSBC have in place.

It's always been that way with remortgaging. Product transfers are when you stay with the same lender, so no legal work required.

Perhaps you had free legals with Santander and that's why you don't remember it.

Whoever you instruct, make sure they are on HSBC's panel of solicitors.

anxious_ant

MovingForwards said:

You do need a solicitor / conveyancer to do the work and follow any procedure HSBC have in place.

It's always been that way with remortgaging. Product transfers are when you stay with the same lender, so no legal work required.

Perhaps you had free legals with Santander and that's why you don't remember it.

Whoever you instruct, make sure they are on HSBC's panel of solicitors.

This is interesting, when I've transferred my previous mortgage from Halifax to Santander I didn't have to instruct a solicitor to do this. I've only transferred my mortgage once so perhaps I was lucky that time.
I will definitely try to get in touch with HSBC to clarify as I don't have a solicitor at hand.

anxious_ant

Right, got my answer in the end. For anyone wondering if you are tranferring your mortgage (i.e. switching deals) everything will be arranged by HSBC. As my offer came late Friday I'd be expecting an email from HSBC's appointment solicitor sometime next week. The solicitor will handle settling my existing mortgage and also tranferring the additional borrowing into my account.
In my case there is a £999 fee which I have included into the mortgage element.