HSBC mortgage timelines

hounsehunterftb

Hello guys,
We are in the process of applying for mortgage with HSBC with 20% (80% LTV). (Applying again.. as our previous house purchase didn't go through so that voided our Nationwide mortgage offer)

I can see several threads running for Nationwide, Santander mortgages and none for HSBC

So just thought of starting this thread to get the idea about the current timeline and how easy is it to go from application to mortgage offer stage

Would request everyone who is applying with HSBC to post their timelines

Thank you!!

FTB_crossed

Hey, we applied after a 4 week wait for full application on 24/09/20 and don’t know what HSBC is doing with their online portal where you can track your application. We have been sitting on decision optioned since 28/10/20, the same day when valuation was completed. 

Any further updates will be posted here as I get them. Best of luck.
I believe with 80% LTV, you can apply for full application without advice from an advisor. This means that you can key in full application yourself and it will either be approved straightaway or will go to underwriter. So go for it !!

thescouselander

They were pretty fast for us although we were existing customers so that may have helped.  Can't have been more than 3 weeks beginning to end.  They did the valuation electronically rather than visiting the property which may have saved a bit of time.

mathdotrandom

I had my mortgage approved in just six working days, just waiting for the actual mortgage offer to come through! So very quick really. Had also previously applied with Nationwide and they had issues with the previous property.

kev_lpool

Applied for a 85% LTV with HSBC

27th Sept - AIP
28th Sept - Completed further details, agreed to full credit check and submitted application
29th Sept - sent details for online portal for documents to be submitted
3rd Oct - final document uploaded and all submitted

Online it says decision obtained. Does anyone know what this means? 

FTB_crossed

We are in exactly similar position where we uploaded all docs on 24th at the time of application but since 28/09/20, it says decision obtained and no update from MA either. We have emailed him and every time he says 2-3 days and it’s going on for past 10 days. 

kev_lpool

It can’t be the decision on approval as it said that before we submitted our documents. Very confusing! 

thescouselander

The portal is rubbish at letting you know what's going on - it certainly had us confused.  I can only assume the mortgage request goes through several stages which is what causes the status to change.  Once we had our valuation done and our docs were sent in I saw the decision approved message too but I think it went underwriting for final sign off before we received the mortgage offer.  IIRC this should happen within 5 working days but we got our offer through a bit faster than that.

sully1311

Intermediaries website says it’s currently 14 working days on average from application to offer

AntPDC

Our timeline is:
LTV: 42%
26 Aug: Application submitted
27 Aug: Uploaded all requested documents
1 Sept: Online Status changed to "Manual Referral"
2 Sept: Further docs requested and submitted
7 Sept: More docs requested and submitted
10 Sept: More docs requested and submitted
27 Sept: Online Status changed to "Mortgage Decision Expired"
28 Sept: Telephone calls to HSBC confirmed this was a "glitch", owing to COVID delays on a system not designed to take into account unusual events (like COVID). Online status reverted to "Decision Obtained"
5 October: Online Status unchanged.
This is a joint mortgage application: my partner has 8 years of self-employed records showing an average annual income of £40k pa. My occupational pension is £16k pa. The house we plan to buy is on sale at £155k.
Hope this helps (or not!).

AntPDC

thescouselander said:

The portal is rubbish at letting you know what's going on - it certainly had us confused.  I can only assume the mortgage request goes through several stages which is what causes the status to change.  Once we had our valuation done and our docs were sent in I saw the decision approved message too but I think it went underwriting for final sign off before we received the mortgage offer.  IIRC this should happen within 5 working days but we got our offer through a bit faster than that.

May I ask when this was? COVID seems to be a highly relevant factor now.