HSBC mortgage timelines

thescouselander

AntPDC said:

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.

We kicked off our application at the beginning of August.  COVID is a factor - I had to call HSBC a couple of times and there were long wait times to get through (around an hour).  The did seem to keep things moving though.

sully1311

Here was my timeline, by the way. Application via broker. Service levels at the time were average of 6 working days from app to offer:

Offer Made (Rejected): 22/08/2020

2nd Offer Made: 23/08/2020

Offer Accepted: 24/08/2020

DIP (HSBC): 26/08/2020

Full Application: 04/09/2020 (85% LTV were taken off intermediary site on 26th)

Application Approved: 08/09/2020

Full Offer: 15/09/2020

hounsehunterftb

Wonder if we should just apply on our own as our broker L & C is taking his own sweet time to make an application for us. We have 20% deposit so our LTV is 80%. Do you guys think we would be better of still with the broker or just ourselves with HSBC particularly

vakgta2018

HI all

We have applied for a mortgage direct with HSBC. Our timeline as follows:

25/9 Full application completed
30/9 Further details requested and uploaded. Partner had to receive letter from HSBC and confirm her details
30/09 Moved to 'Application Under Review'
7/10 Received text saying it had been approved and to book valuation. Chose standard valuation, which has been completed same day.

So pretty quick so far!
Just now not sure what's going on - when I logged in to see valuation report it told me it was valued at over what we're paying - and as I clicked through to accept quote it moved from 'Ready for Offer' back to 'DIP' and now 'Applied for your Quote; and seems to be making us click through and resubmit the whole application again. Would appreciate any insight on whether this is normal, and just the next stage before offer, or if it's a glitch and I need to call them again?

vakgta2018

hounsehunterftb said:

Wonder if we should just apply on our own as our broker L & C is taking his own sweet time to make an application for us. We have 20% deposit so our LTV is 80%. Do you guys think we would be better of still with the broker or just ourselves with HSBC particularly

I tried with L&C to start with but just didn't much like them, and they didn't find us the best deal after I did some research. Depends if you think you'll need someone to advocate for you or not I guess, but to me seemed like an unnecessary middle man.

kev_lpool

vakgta2018 said:

HI all

We have applied for a mortgage direct with HSBC. Our timeline as follows:

25/9 Full application completed
30/9 Further details requested and uploaded. Partner had to receive letter from HSBC and confirm her details
30/09 Moved to 'Application Under Review'
7/10 Received text saying it had been approved and to book valuation. Chose standard valuation, which has been completed same day.

So pretty quick so far!
Just now not sure what's going on - when I logged in to see valuation report it told me it was valued at over what we're paying - and as I clicked through to accept quote it moved from 'Ready for Offer' back to 'DIP' and now 'Applied for your Quote; and seems to be making us click through and resubmit the whole application again. Would appreciate any insight on whether this is normal, and just the next stage before offer, or if it's a glitch and I need to call them again?

When I accepted the quote it changed the status to decision obtained but I hadn’t even yet submitted any of the required documents. I was able to submit the valuation details at the same time though. But nothing has changed since 28th September

FTB_crossed

Hi,

I applied along with my wife on 25th September and since 28th September, it says "Decision obtained". Having said that I have not seen any of these options where they ask you to confirm the quote or check what the valuation was. I had to to ring up and they told me that valuation was done on 28th and it came back over by £3k which is satisfactory and they will progress the application further. Called them again today to check and was advised that application has passed 1st stage of underwriting and now waiting for the final stage and its in the queue to be assigned to a credit officer which will be in a day or two. 
I am eagerly waiting as they haven't requested any further document to what I submitted online before the zoom appointment on 25th. 
Fingers crossed but HSBC are really not up to speed as I have seen people getting approvals same day or even within 2-3 days of application.

Will update once I hear next from HSBC.

hounsehunterftb

We have had a long wait time with brokers (L &C and Habito) giving 3 working days window before submitting the application (thats all them having all the documents). It feels like the need to omit this middle man and do it yourself. 
The product we are going for has a product fee on it however HSBC won't let me add to the mortgage as it affect LTV. Did you guys have any such experiences? 

hounsehunterftb

sully1311 said:

Here was my timeline, by the way. Application via broker. Service levels at the time were average of 6 working days from app to offer:

Offer Made (Rejected): 22/08/2020

2nd Offer Made: 23/08/2020

Offer Accepted: 24/08/2020

DIP (HSBC): 26/08/2020

Full Application: 04/09/2020 (85% LTV were taken off intermediary site on 26th)

Application Approved: 08/09/2020

Full Offer: 15/09/2020

That was absolutely quick. Did you apply through the broker you said or just on your own? 

AntPDC

AntPDC said:

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!).

UDATE: After looking at others' rather shorter timelines here in this thread and elsewhere, we sent two email chasers to HSBC expressing our concern that we had somehow been placed at the back of the queue. 
HSBC responded earlier this afternoon with a phone call and a text letting us know that our mortgage had been approved. To be fair to HSBC, our application included income sourced in the United States, so it wasn't as straightforward as most.