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Advice Please! HSBC Mortgage Direct v Broker

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  • tweeto
    tweeto Posts: 57 Forumite
    10 Posts First Anniversary
    Cscott139 said:
    I am a broker and I have given up trying to obtain a 10% mortgage with HSBC at the moment. They are offering the best deals at this level so I am telling customers to go direct but try to give guidance in terms of what they will/won't need to know about. I personally don't have the time to log in every day and try my luck. 

    Yeah I can imagine it is equally as frustrating for brokers to try every single morning with no joy! Our broker hasn't told us to go direct, they just keep saying that there's no other lender lending at 90 LTV who will take on people who are part time furloughed and they just need to keep trying every morning and hope for a bit of luck.
  • Move lender rather than Broker

    I am a Mortgage Broker

    You should note that this site doesn't check my status as a mortgage broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

  • Process90
    Process90 Posts: 96 Forumite
    10 Posts Name Dropper
    tweeto said:
    Process90 said:
    I reckon you'll be OK if your outgoing are under control and you have a lot of disposable income.

    My partner was furloughed and what we asked for was pushing our affordability calculations but because our credit reports were clean and we have a lot of disposable income, we didn't have any issues with an offer - apart from our property being downvalued by 35k...
    I hope so, it's frustrating because my partner will likely be up to 4 days or back full time in about two weeks, which would put all well into the affordability bracket. But we can't wait that long as no doubt our vendor will start chasing soon.

    If the application is in and my partner is brought back FT in two weeks time, is it a simple update for HSBC to make before the underwriter makes their decision?

    What did you do when your property was downvalued? That sucks! 
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
  • tweeto
    tweeto Posts: 57 Forumite
    10 Posts First Anniversary
    Process90 said:
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
    We got our application in today (hard search done last night) so i'm happy at the first bit of progress in over 5 weeks. Our adviser said decision likely in 2-3 weeks time, but when I asked her would I be updated when the valuation on the property is completed she said no, I won't be told when it has been done. Will only be notified if the valuation is less than the agreed price!....I'm sure I read on this forum from other people that you get updated when the valuation has been completed? She has basically said the next update I get will be when the decision is made, which sounds frustrating! 

    How long did it take to be underwritten for you? Well, at least you got the mortgage approved, so hopefully you can get a new property and get it transferred across :)
  • Cscott139
    Cscott139 Posts: 149 Forumite
    Third Anniversary 100 Posts
    tweeto said:
    Cscott139 said:
    I am a broker and I have given up trying to obtain a 10% mortgage with HSBC at the moment. They are offering the best deals at this level so I am telling customers to go direct but try to give guidance in terms of what they will/won't need to know about. I personally don't have the time to log in every day and try my luck. 

    Yeah I can imagine it is equally as frustrating for brokers to try every single morning with no joy! Our broker hasn't told us to go direct, they just keep saying that there's no other lender lending at 90 LTV who will take on people who are part time furloughed and they just need to keep trying every morning and hope for a bit of luck.
    It really is. I hate having to tell people that I cant help them, especially first time buyers but I don't feel its fair to tell them I will deal with it when I cannot give them a realistic timescale on how long it will take me. Although going direct is far from perfect as there are long wait times but at least they will be able to get the product for you.
  • tweeto
    tweeto Posts: 57 Forumite
    10 Posts First Anniversary
    Cscott139 said:
    tweeto said:
    Cscott139 said:
    I am a broker and I have given up trying to obtain a 10% mortgage with HSBC at the moment. They are offering the best deals at this level so I am telling customers to go direct but try to give guidance in terms of what they will/won't need to know about. I personally don't have the time to log in every day and try my luck. 

    Yeah I can imagine it is equally as frustrating for brokers to try every single morning with no joy! Our broker hasn't told us to go direct, they just keep saying that there's no other lender lending at 90 LTV who will take on people who are part time furloughed and they just need to keep trying every morning and hope for a bit of luck.
    It really is. I hate having to tell people that I cant help them, especially first time buyers but I don't feel its fair to tell them I will deal with it when I cannot give them a realistic timescale on how long it will take me. Although going direct is far from perfect as there are long wait times but at least they will be able to get the product for you.
    Yeah, I really wanted to use our broker for this exact reason, but if I didn't act my sale was going to fall through.

    I will phone my broker later to tell him that i'm taking a direct approach and hope he doesn't take it bad! I feel guilty as he has put in so much effort for us with zero reward.  :(
  • Process90
    Process90 Posts: 96 Forumite
    10 Posts Name Dropper
    tweeto said:
    Process90 said:
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
    We got our application in today (hard search done last night) so i'm happy at the first bit of progress in over 5 weeks. Our adviser said decision likely in 2-3 weeks time, but when I asked her would I be updated when the valuation on the property is completed she said no, I won't be told when it has been done. Will only be notified if the valuation is less than the agreed price!....I'm sure I read on this forum from other people that you get updated when the valuation has been completed? She has basically said the next update I get will be when the decision is made, which sounds frustrating! 

    How long did it take to be underwritten for you? Well, at least you got the mortgage approved, so hopefully you can get a new property and get it transferred across :)
    tweeto said:
    Process90 said:
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
    We got our application in today (hard search done last night) so i'm happy at the first bit of progress in over 5 weeks. Our adviser said decision likely in 2-3 weeks time, but when I asked her would I be updated when the valuation on the property is completed she said no, I won't be told when it has been done. Will only be notified if the valuation is less than the agreed price!....I'm sure I read on this forum from other people that you get updated when the valuation has been completed? She has basically said the next update I get will be when the decision is made, which sounds frustrating! 

    How long did it take to be underwritten for you? Well, at least you got the mortgage approved, so hopefully you can get a new property and get it transferred across :)
    We only got notified about the valuation through the estate agent. Some other lenders do text update but HSBC don't.

    Hopefully they don't keep coming back and asking for additional documents like they did with us.

    Assessment of docs took 2 weeks with the valuation carried out in this time and then final underwriting took a further 2 weeks. My partner is self-employed though hence why it took 4 weeks in total to get a final decision and offer.
  • tweeto said:
    Process90 said:
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
    We got our application in today (hard search done last night) so i'm happy at the first bit of progress in over 5 weeks. Our adviser said decision likely in 2-3 weeks time, but when I asked her would I be updated when the valuation on the property is completed she said no, I won't be told when it has been done. Will only be notified if the valuation is less than the agreed price!....I'm sure I read on this forum from other people that you get updated when the valuation has been completed? She has basically said the next update I get will be when the decision is made, which sounds frustrating! 

    How long did it take to be underwritten for you? Well, at least you got the mortgage approved, so hopefully you can get a new property and get it transferred across :)

    Well done on getting your application in! Can I ask whether your broker succeeded or did you go directly through HSBC? We are in the exact same position with our broker trying each morning. We have managed to get a direct phone appointment with them this Friday though so keeping all our fingers crossed that works!
  • tweeto
    tweeto Posts: 57 Forumite
    10 Posts First Anniversary
    tweeto said:
    Process90 said:
    I'd just be up front with the vendor about it all. Chances are they'll do what they want either way!

    HSBC's underwriting timescales are so long in most cases that I think you'd be ok to put the application in and a note for underwriter and then update it with evidence once your partner is back full time. It takes them 10 days to carry out a valuation anyway.

    Not much we could do really. We thought about appealing but it's converted offices into terraced housing so no other properties anywhere near to be able to compare. We wanted to meet in the middle with the vendor but she wasn't having any of it and pulled out. We've been underwritten and had an offer from HSBC so now just have to find another property ASAP and send them the details of it so that they can do a new valuation.
    We got our application in today (hard search done last night) so i'm happy at the first bit of progress in over 5 weeks. Our adviser said decision likely in 2-3 weeks time, but when I asked her would I be updated when the valuation on the property is completed she said no, I won't be told when it has been done. Will only be notified if the valuation is less than the agreed price!....I'm sure I read on this forum from other people that you get updated when the valuation has been completed? She has basically said the next update I get will be when the decision is made, which sounds frustrating! 

    How long did it take to be underwritten for you? Well, at least you got the mortgage approved, so hopefully you can get a new property and get it transferred across :)

    Well done on getting your application in! Can I ask whether your broker succeeded or did you go directly through HSBC? We are in the exact same position with our broker trying each morning. We have managed to get a direct phone appointment with them this Friday though so keeping all our fingers crossed that works!
    No the broker didn't get it in, we went direct instead.Good job on getting an appointment so quick, when we phoned up it was a 3 week wait but I phoned first thing in the morning to try and get a cancellation on two separate mornings. The first morning I got the appointment brought forward 10 days, then the second morning I got one on that same day!.....Pays to chase! Just hoping everything goes smoothly with the valuation and we ultimately get an offer  :#
  • Cscott139
    Cscott139 Posts: 149 Forumite
    Third Anniversary 100 Posts
    Apparently HSBC are doing some work to their broker systems today to improve the user experience in regard to obtaining higher LTV products. For all of you dealing with a broker trying to get one hopefully this may help.
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