HSBC mortgage, no progress

kannaiah

Hi,

I'm trying to buy my first house so not sure if the delays are normal or the delays are excessive.

Full mortgage application was made directly to bank on 9th of July and was told I should get decision in two weeks but it has been 3 weeks already.

There are no hard searches on my credit file, only soft searches on 17th July.

Also there is no communication about valuation etc.

My estate agent already saying he might put the property on market as it has been more than 1.5 months since my offer has been accepted.

Should I have applied for more than one lender?

What should I do now? Mortgage advisor of HSBC bank was saying there was lot of demand so things are moving slowly but it looks like the delays are not usual.

Thank you.

Process90

We're in the same situation as you. Had our offer accepted mid-June and are on our 2nd application with HSBC after a system failure on the first one. Our EA is also on at us that they will put the property back back to market because it's been so long.

Let the EA do what they want. it's highly unlikely EAs are going to sell their properties any quicker than the people that have had their offers accepted and have ongoing mortgage applications in with lenders.

[Deleted User]

1.5 months means you put in your offer mid June. Why did you wait until 9th July to put in your full application? 

Did you go via a broker ? I think now more than anytime I can recall ( been buying and selling for 35 years ) its paramount to use a broker to chase things like this
( I am not a broker ) 

chillicheesedog

We put in an application on the 3rd of July. Sent supporting documents in the 14th after they requested it and had valuation done on the 16th. We then inquired about the outcome on the 17th and were told valuation was satisfactory and "we'd know by next week".
That came and went and now we are in week 4. We are employed and self-employed which is why it went to underwriters. Were told today that there are 3 queues, one for the straight forward employed people, one for sole traders (this is the biggest queue) and one for ltd companies (which is our situ) and that one is big but not as bad as self employed apparently. Our MA escalated this now and will let us know when the escalation teams comes back to him with a timeline. Hoping it's next week as I doubt it'll be this.

We went direct to lender. 
I'd chase and chase! We never received a proactive update from them, even with valuation we had to ring up the number and wait in the queue to find out as MA didn't tell us.

kannaiah

Densol said:

1.5 months means you put in your offer mid June. Why did you wait until 9th July to put in your full application? 

Did you go via a broker ? I think now more than anytime I can recall ( been buying and selling for 35 years ) its paramount to use a broker to chase things like this
( I am not a broker ) 

Our offer was accepted on 18th June. I did not go with broker, although we applied for mortgage earlier they did not have appointment with mortgage broker until 9th.

This is my first time and all my friends got their mortgages directly from lender so I followed. Also me and my wife both are working fulltime so I thought process would be straight forward.

Yes, should have used broker.

chillicheesedog

Lol, had an email about needing the accounts statement signed by accountant, didn't ask about that before just said finalised. We are sending them today but who's betting on that meaning we are back in the queue? 🙄

Process90

chillicheesedog said:

Lol, had an email about needing the accounts statement signed by accountant, didn't ask about that before just said finalised. We are sending them today but who's betting on that meaning we are back in the queue? 🙄

I feel for you. 4 weeks to get to that point and get told that...

We're a week behind you so I pray that we don't get a note asking for MORE documents come this time next week.

chillicheesedog

I wouldn't be surprised! Hoping it just means the same underwriter will now start reviewing....

Process90

Sounds like you should be pretty close to a decision tbh

kannaiah

Got email that mortgage is approved and will receive offer on payment of the fee. 

chillicheesedog

Well done, that's quick for HSBC.
Tried to upload the now signed doc and link says case not found 😂 what an absolute shamble. Emailed our MA with it and told him to upload it instead!