HSBC Mortgage

FTB_1991

Hi there 
I had an offer accepted on a mortgage in the middle of July. I have instructed the Solicitors who have commenced work. I have been trying to apply for a mortgage with HSBC for some time. I have a great broker who has been trying for about 2 weeks now with no luck... I have also gone direct and have an appointment mid-August... this is just to make the application let alone go through the hoops after.

I am a first time buyer and going with HSBC as my situation is slightly unique... although salary etc. should not be an issue... however, I am getting very frustrated and anxious about how long this is taking. 

Has anyone had any experience with this? What would you do? I am feeling really upset about this. 

Aaghh321

You might be better off posting on the mortgage board to get more answers but yes I wasn't impressed with HSBC. I applied online and the first application went to 'ready to offer' very quickly but then became corrupted by a system bug and they couldn't actually process it. I resubmitted it but 2 weeks later they hadn't even verified my documents. At that point I gave up, had a call with Halifax and had an offer 2 days later.
Maybe I was unlucky with HSBC - I've heard of offers being processed in 1-2 weeks after an appointment but they are really busy, being one of a few lenders to offer 90% LTV.
Good luck!

pinkteapot

There was a thread on here the other day saying there are currently significantly delays with getting a phone appointment with HSBC to do your application. 

We've had several HSBC mortgages. Despite the current wait for an appointment (which is just the circumstances - we've always got one within a few days before), I would HIGHLY recommend doing the application by phone rather than DIY online. Their application system is appalling, very prone to bugs, very easy to choose the wrong answer to a question due to poor wording, etc. I've worked in web for 15+ years and still managed to mess it up, so then we did it by phone and it was much easier. 

If the current HSBC waiting time is too long for you and your vendor gets twitchy then you'll want to look at other lenders. I'd be surprised if HSBC is the only one open to you as they are one of the pickiest in terms of who they'll lend to (great rates but will only lend to people in permanent jobs with higher deposits and completely clean credit histories). If HSBC will lend to you there will certainly be others who will too!

boldaslove

I can't offer you any advice but just to say we're in a similar boat, my partner and I (FTBs) applied for a mortgage with HSBC via a broker in early July. We were told they were processing applications quickly but we're still waiting for news. No additional documents have been requested. The valuation was done a week ago and our survey is happening today. We've also instructed a Solicitor and paid for searches so quite a bit of money has gone out already. It's nervewracking isn't it?

From what I can gather on here a month is a fairly normal timeframe for getting a decision, but I have zero prior experience with this. I can only offer my sympathies. I hope you get a decision soon!

FTB_1991

boldaslove said:

I can't offer you any advice but just to say we're in a similar boat, my partner and I (FTBs) applied for a mortgage with HSBC via a broker in early July. We were told they were processing applications quickly but we're still waiting for news. No additional documents have been requested. The valuation was done a week ago and our survey is happening today. We've also instructed a Solicitor and paid for searches so quite a bit of money has gone out already. It's nervewracking isn't it?

From what I can gather on here a month is a fairly normal timeframe for getting a decision, but I have zero prior experience with this. I can only offer my sympathies. I hope you get a decision soon!

Best of luck with this! I hope you get a decision soon.
My issue is we have not even been able to make the application as the system is so inundated - the broker tries daily... and the appointment we have with HSBC directly is for mid-Aug... 
nerve- wracking indeed. Especially, as HSBC has been my one and only bank since I was 18.

boldaslove

Ah I didn't realise you were still waiting to apply! That must be so frustrating. I would second the suggestion of posting on the mortgages board, there's some very helpful people over there.

Good luck, I hope you get sorted soon 

boldaslove

Ah I didn't realise you were still waiting to apply! That must be so frustrating. I would second the suggestion of posting on the mortgages board, there's some very helpful people over there.

Good luck, I hope you get sorted soon 

Competsoph

I applied perhaps june time and got my mortgage offer via a broker within a week. Apparently the brokers are having to get up at 6/7 each morning to try and get products as HSBC are one of the only lenders doing 10% LTV. It was over 2 week wait for a telephone appointment at that time too but I went with my broker and he, himself, has been a godsend!! I couldn’t imagine doing it on my own. Good luck, I hope you get things sorted.

Crashy_Time

pinkteapot said:

There was a thread on here the other day saying there are currently significantly delays with getting a phone appointment with HSBC to do your application. 

We've had several HSBC mortgages. Despite the current wait for an appointment (which is just the circumstances - we've always got one within a few days before), I would HIGHLY recommend doing the application by phone rather than DIY online. Their application system is appalling, very prone to bugs, very easy to choose the wrong answer to a question due to poor wording, etc. I've worked in web for 15+ years and still managed to mess it up, so then we did it by phone and it was much easier. 

If the current HSBC waiting time is too long for you and your vendor gets twitchy then you'll want to look at other lenders. I'd be surprised if HSBC is the only one open to you as they are one of the pickiest in terms of who they'll lend to (great rates but will only lend to people in permanent jobs with higher deposits and completely clean credit histories). If HSBC will lend to you there will certainly be others who will too!

https://www.independent.co.uk/news/business/news/uk-mortgage-payment-holidays-remortgaging-a9600786.html

kmurray1003

FTB_1991 said:

boldaslove said:

I can't offer you any advice but just to say we're in a similar boat, my partner and I (FTBs) applied for a mortgage with HSBC via a broker in early July. We were told they were processing applications quickly but we're still waiting for news. No additional documents have been requested. The valuation was done a week ago and our survey is happening today. We've also instructed a Solicitor and paid for searches so quite a bit of money has gone out already. It's nervewracking isn't it?

From what I can gather on here a month is a fairly normal timeframe for getting a decision, but I have zero prior experience with this. I can only offer my sympathies. I hope you get a decision soon!

Best of luck with this! I hope you get a decision soon.
My issue is we have not even been able to make the application as the system is so inundated - the broker tries daily... and the appointment we have with HSBC directly is for mid-Aug... 
nerve- wracking indeed. Especially, as HSBC has been my one and only bank since I was 18.

We're in the exact same position, FTB too. Our broker has tried every morning for the past 3 weeks to apply but there is only a limited amount of applications per day, so by 8:15am they're all gone! It's like a lottery, everybody is trying to get in!.....It's so frustrating, i'm losing all hope

nervousftbs

We got our 90% mortgage through Bank of Ireland via a broker - slightly higher rates than HSBC but broker advised that it was very difficult to go with HSBC at the moment. It took about 3 days for our broker to get the application in and then around 10 days from the application going in to getting the offer.