HSBC appointment this week

FTB_1991

Hi all
I have a 2 hour mortgage appointment scheduled with HSBC this week for 90% LTV and I am so very nervous (FTB). Has anyone had any experience with these? What was covered? For reference, I am an existing HSBC customer for 10 years. 

My salary (permanent employee but have been with the company less than 1 year) is currently reduced due to Covid (but thankfully still covers more than I need to borrow). I have put my pre-Covid travel expenses (c.500) but I want to clarify that if I do start commuting again, I will have the full salary which would in effect cover this fully. Is that sort of thing taken into account?
In relation to insurance, my work provides me with Life assurance (4 times salary (which would covers
 my mortgage)) and also critical illness. Is that seen as sufficient?
Sorry for all the questions, massively nervous here as it’s taken a long time to get this appointment. 

cooltt

FTB_1991 said:

Hi all
I have a 2 hour mortgage appointment scheduled with HSBC this week for 90% LTV and I am so very nervous (FTB). Has anyone had any experience with these? What was covered? For reference, I am an existing HSBC customer for 10 years. 

My salary (permanent employee but have been with the company less than 1 year) is currently reduced due to Covid (but thankfully still covers more than I need to borrow). I have put my pre-Covid travel expenses (c.500) but I want to clarify that if I do start commuting again, I will have the full salary which would in effect cover this fully. Is that sort of thing taken into account?
In relation to insurance, my work provides me with Life assurance (4 times salary (which would covers
 my mortgage)) and also critical illness. Is that seen as sufficient?
Sorry for all the questions, massively nervous here as it’s taken a long time to get this appointment. 

There are a million threads on here about HSBC mortgage phone/zoom appointments (possibly a billion, i've lost count) and what you're asked. Being a HSBC customer they don't ask anything you couldn't have done via an online banking application and possibly quicker too.

So it's the bog standard, which mortage do you want, why, have you thought you about this, have you thought about that, where's your deposit coming from, are you a drug smuggler that sort of stuff. ( i made the drug smuggler bit up) but you get the idea.

I suppose the only good thing about it is having a MA to annoy with emails if the process isn't moving quick enough. Oh also they ask for your ID to take a picture.

FTB_1991

cooltt said:

FTB_1991 said:

Hi all
I have a 2 hour mortgage appointment scheduled with HSBC this week for 90% LTV and I am so very nervous (FTB). Has anyone had any experience with these? What was covered? For reference, I am an existing HSBC customer for 10 years. 

My salary (permanent employee but have been with the company less than 1 year) is currently reduced due to Covid (but thankfully still covers more than I need to borrow). I have put my pre-Covid travel expenses (c.500) but I want to clarify that if I do start commuting again, I will have the full salary which would in effect cover this fully. Is that sort of thing taken into account?
In relation to insurance, my work provides me with Life assurance (4 times salary (which would covers
 my mortgage)) and also critical illness. Is that seen as sufficient?
Sorry for all the questions, massively nervous here as it’s taken a long time to get this appointment. 

There are a million threads on here about HSBC mortgage phone/zoom appointments (possibly a billion, i've lost count) and what you're asked. Being a HSBC customer they don't ask anything you couldn't have done via an online banking application and possibly quicker too.

So it's the bog standard, which mortage do you want, why, have you thought you about this, have you thought about that, where's your deposit coming from, are you a drug smuggler that sort of stuff. ( i made the drug smuggler bit up) but you get the idea.

I suppose the only good thing about it is having a MA to annoy with emails if the process isn't moving quick enough. Oh also they ask for your ID to take a picture.

Thank you 😊 

Nervy_FTB

I had a HSBC mortgage application Zoom call last week and like you I wasn’t sure what to expect. (We would have applied online but as it was 90% LTV we had to apply via an advisor) 

Assuming you have already uploaded the documents? We went through why we were looking to buy, what attracted us to the property, what savings we had for the deposit, what we do for work, any current debts/payment commitments and the mortgage options. It was really informative and definitely felt more like a chat than being grilled. 

At the end we confirmed which type of mortgage we wanted to apply for and then ran through the T&Cs. As my partner is self employed we needed to be referred to the underwriters to provide a final confirmation but fingers crossed this will be ok. 

Still waiting on the decision - the MA said it should take a couple of days then emailed to say the team are busy so may be an extra few days. 

It was a really positive experience so far. Good luck with yours! 

FTB_1991

Nervy_FTB said:

I had a HSBC mortgage application Zoom call last week and like you I wasn’t sure what to expect. (We would have applied online but as it was 90% LTV we had to apply via an advisor) 

Assuming you have already uploaded the documents? We went through why we were looking to buy, what attracted us to the property, what savings we had for the deposit, what we do for work, any current debts/payment commitments and the mortgage options. It was really informative and definitely felt more like a chat than being grilled. 

At the end we confirmed which type of mortgage we wanted to apply for and then ran through the T&Cs. As my partner is self employed we needed to be referred to the underwriters to provide a final confirmation but fingers crossed this will be ok. 

Still waiting on the decision - the MA said it should take a couple of days then emailed to say the team are busy so may be an extra few days. 

It was a really positive experience so far. Good luck with yours! 

Thank you so much - this is really helpful! Best of luck - hope you hear back soon 😊

AnxiousFTB

Hi I agree with the posters above - it's more of an informed chat than a grilling. My advisor was really nice and it was going through the information for him to input into the application. Just have all your figures and information to hand - for example any existing borrowing. They will ask about how you intend to pay the mortgage if you become ill - I gave details of my current life insurance and sick pay. I no longer have critical illness cover since I changed jobs so he produced a quote for HSBC to offer that. I was surprised to be approved during the appointment and then the valuation and full offer was received 6 days later. Good luck! 

FTB_1991

AnxiousFTB said:

Hi I agree with the posters above - it's more of an informed chat than a grilling. My advisor was really nice and it was going through the information for him to input into the application. Just have all your figures and information to hand - for example any existing borrowing. They will ask about how you intend to pay the mortgage if you become ill - I gave details of my current life insurance and sick pay. I no longer have critical illness cover since I changed jobs so he produced a quote for HSBC to offer that. I was surprised to be approved during the appointment and then the valuation and full offer was received 6 days later. Good luck! 

Thank you so much - so happy for you 😊

AnxiousFTB

FTB_1991 said:

AnxiousFTB said:

Hi I agree with the posters above - it's more of an informed chat than a grilling. My advisor was really nice and it was going through the information for him to input into the application. Just have all your figures and information to hand - for example any existing borrowing. They will ask about how you intend to pay the mortgage if you become ill - I gave details of my current life insurance and sick pay. I no longer have critical illness cover since I changed jobs so he produced a quote for HSBC to offer that. I was surprised to be approved during the appointment and then the valuation and full offer was received 6 days later. Good luck! 

Thank you so much - so happy for you 😊

Thank you! I hope it goes well for you 😊