Should I apply directly with HSBC as well as with broker?

kmurray1003

Hi, after a bit of advice if possible.
We (both first time buyers) had an offer accepted nearly a month ago on a property and have since appointed a solicitor including paying the search fees.

Our mortgage broker has been trying to apply through HSBC for a 90 LTV every single day for over 3 weeks with absolutely no success. I'm really not holding out much hope as it sounds like every broker in the country is trying everyday too. To add to this my partner is on part time furlough, so HSBC is the only available product that will suit.

Do you think it is worth us applying directly to HSBC as well while our broker keeps trying his method on HSBC's system?

The sellers haven't chased us yet (probably because they see the searches are taking place) but it's only a matter of time and they'll probably be shocked that we haven't even got the application in! And pull out as a result  

Process90

Our first application was with HSBC directly because our broker couldn't submit one and that went terribly for us because their system is so glitchy. We managed to submit one without advice in order to try and save time, only to be told after 3 weeks that we'd completed it wrong! 

If you're going to apply directly then I'd submit an application 'with advice' and get a HSBC broker appointment over the phone.

However, it seems as though the wait time for an appointment is now well into September so your choices are a tad limited. If your only lender available is HSBC then I'd get a HSBC broker appointment in the diary 'with advice' and still let your broker try and submit an application in the meantime. Not much else you can do really. I hope you have an understanding vendor! I'd be up front about the situation with them.

kmurray1003

Yeah I hope they're understanding too! We want the house badly and will do whatever it takes, but it's convincing the vendor of that which will be the hardest part. Also the fact that we will have to go through the estate agent to talk to the vendors, they will probably be advising them different too which may work against us too.

Our mortgage broker has said not to tell our vendors anything until we're being chased as it may turn out to be unnecessary stress to the vendor. I did agree with him but the more this rolls on the more anxious i'm getting about the whole thing!

AnxiousFTB

If you have have a 10% deposit I would check with HSBC because I've seen posts on here that from this Sunday 16th they aren't taking direct applications, only those from a Broker. 

Thrugelmir

You may have to wait some weeks for a mortgage appointment also. Demand is exceeding supply. 

kmurray1003

AnxiousFTB said:

If you have have a 10% deposit I would check with HSBC because I've seen posts on here that from this Sunday 16th they aren't taking direct applications, only those from a Broker. 

Yeah I saw this on another post but there has been no confirmation and the brokers haven't been told anything about it. Will have to wait and see how it unfolds unfortunately. 

kmurray1003

Thrugelmir said:

You may have to wait some weeks for a mortgage appointment also. Demand is exceeding supply. 

Yeah minimum 3 weeks when I had a look earlier, unless I apply without a HSBC mortgage advisor and hope I don't make any mistakes  

FTB_1991

I feel for you OP. We had our offer accepted on 15 July. End of July when broker was having no luck, we decided to go direct with the broker trying in the background. We finally got an appointment for this week with the broker trying every day with no success (It’s now been a month and if HSBC decline we are screwed). It has caused so much anxiety so I know how you feel, the application is not normally the most stressful part but every day has been upsetting with no luck.  I think book in a direct appointment and just have your broker trying in the background. Apparently things can move fast from the date of the appointment (provided it’s not a complex case). My appointment is tomorrow so I am insanely nervous...

 If HSBC do stop accepting direct for 10% from Monday’s then presumably brokers who can still submit 10% apps will be able to get on to the system faster. 

Really hoping things work out and I understand the stress. It’s truly awful. Sending luck!

kmurray1003

FTB_1991 said:

I feel for you OP. We had our offer accepted on 15 July. End of July when broker was having no luck, we decided to go direct with the broker trying in the background. We finally got an appointment for this week with the broker trying every day with no success (It’s now been a month and if HSBC decline we are screwed). It has caused so much anxiety so I know how you feel, the application is not normally the most stressful part but every day has been upsetting with no luck.  I think book in a direct appointment and just have your broker trying in the background. Apparently things can move fast from the date of the appointment (provided it’s not a complex case). My appointment is tomorrow so I am insanely nervous...

 If HSBC do stop accepting direct for 10% from Monday’s then presumably brokers who can still submit 10% apps will be able to get on to the system faster. 

Really hoping things work out and I understand the stress. It’s truly awful. Sending luck!

Thanks for that, sounds like you were in the same position as me. Hoping it all works out for you!

Out of interest, did you consider submitting your application directly online instead of waiting for an advisor appointment?

FTB_1991

kmurray1003 

Thanks for that, sounds like you were in the same position as me. Hoping it all works out for you!

Out of interest, did you consider submitting your application directly online instead of waiting for an advisor appointment?

Thank you!
So we called up and spoke to someone who did the application over the phone (and ran a DIP which came back instantaneously). They then booked us in for an appointment which is when I understand the *actual* application is made.  I have heard the online system is not great... Plus I have heard that for higher LTVs an advised appointment is required. It’s quite some time to stay on hold but once you get through the mortgage call team do seem to be competent and friendly. 

kmurray1003

I just got the DIP online but it turns out you have to get an appointment with a mortgage adviser if you're borrowing more than 60 LTV. Next available appointment is 10th Sept. Eugh, if only I had of known the broker route would have been so hard I could have done this weeks ago! Here's hoping they don't remove the 90 LTV to the general public on Monday as has been suggested on a different post.