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Advice Please! HSBC Mortgage Direct v Broker
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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.0
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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.
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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...
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!
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.0 -
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.
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 across0 -
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.1
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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.
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.0 -
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.
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 acrosstweeto 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.
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
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.1 -
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.
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 acrossWell 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!0 -
mangobluemash said: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.
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 acrossWell 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!0 -
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.0
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