HSBC Mortgage Stuck - Help :(

hwilson10

Hi all, 
Sorry for such a rant, but I feel I'm at my wits end and don't really know where else to moan!
I'm a FTB with my partner who is also FTB, and we offered on a property on the 14th July this year. We applied for our DIP via HSBC directly on 16th July, and submitted a full application the same evening. It's now stuck with the underwriters and has been for weeks. We've submitted all our documents etc. and it does seem that the application is moving along - as of 5th August it had moved to "ready to offer" - but it seems to be moving at a glacial pace and is now slowing down our house purchase. Financially we're in quite a lucky position, joint income of £80k plus a year, with a 20% deposit and my partner works for HSBC hence why we went with them as a lender, but I've got friends who applied on Friday 7th August and have already had an mortgage offer. 
Can anyone offer any advice? I call the Mortgage team every other day and ask and they claim that the application is still in progress with the underwriters. I'm a bit of a control freak, and not seeing the progress is killing me. I have no idea if they've even valued the house we're purchasing, and we're hoping to exchange in the next two weeks but I'm currently scared it's going to be declined or something thanks to the delay. We're currently in a rental and we've handed in our notice so we have to be out by September 23rd - that day feels like it's just around the corner and I'm unbelievably nervous. 
Can anyone offer any words of wisdom, or advice? Any wise words would be greatly received. 

finance101

I have no advice other than to keep requesting updates from them. I have just waited since 12 June for final approvals and only got that on Friday. I was repeatedly told tomorrow/ top of list/ blah blah !!!!!!. Now they say valuation will be another 7 days. I also was a very good credit with high deposit and low multiple of salary. I would not bank on exchanging in 2 weeks and would buy yourself as much flexibility as possible. Sorry not to be more positive but my experience is believe it when you see it. And even when you get the broad agreements you will still need to wait for a valuation.  On the plus side, I don’t think the delay should make you think it’s more likely to be declined- they do seem very backed up at the moment. I do sympathise- I nearly went out of my mind and it is definitely holding up my purchase. But breathe and lay off the caffeine is your best bet!

MovingForwards

All you can do is wait.

Why did you give notice on your rental before getting the keys to the place you are buying? Do you have friends and family you can bunk down with?

Thrugelmir

hwilson10 said:

 We're currently in a rental and we've handed in our notice so we have to be out by September 23rd

Why did you do that?  Two months to complete a property purchase is somewhat optimistic at the best of times.