HSBC Mortgage application timelines

Nedge79

Hi emzyadds any news on your mortgage offer either from NatWest or HSBC? 

andyf1980

We had DIP refer 23/12
11/01 full application submitted
14/01 valuation conducted
20/01 mortgage offer received. 

I think that is pretty good considering Christmas and New Year. 

Rosy_Apple

Adding our timeline to this in case it helps anyone else:

25/01- Mortgage application submitted by broker
26/01 - Broker confirmed we had been approved subject to valuation
27/01 - Valuation completed
31/01 - Advised that valuation was not completed, HSBC are unsure why their system said it had been and a physical valuation will take place on 2/02.

AilieG01

@Rosy_Apple we submitted application via broker on the 27/1. Keen to follow your time line to see if we are close behind. 

Rituals

Hi, how is everyone getting on? We had our valuation done on Tuesday (yesterday), so are hoping for to hear something soon. 

Rosy_Apple

Rituals said:

Hi, how is everyone getting on? We had our valuation done on Tuesday (yesterday), so are hoping for to hear something soon. 

Our valuation should have been today. Was yours a physical valuation? I wonder if it makes a difference in processing times.

Rituals

Hi, yes mine was a physical valuation. It was meant to take place on Monday, but I called the estate agent and it hadn’t happened and was happening Tuesday instead. I called on Tuesday and it had indeed taken place, so hopefully we will hear soon. I’ve not received any paperwork or anything from HSBC only confirmation from my broker that it should al be ok. Myself and my partner are regular PAYE employees with no debt, but we are re ring out my existing property (I have a new BTL mortgage on that now), so I guess that could slow things down. How far through the process are you? Hope you hear something soon too. 

AilieG01

Hi @Rituals our application went in on the 27/1 but haven’t heard anything from HSBC. Emailed broker to make sure this was normal and he said they are giving them until the 7th and if they haven’t got news for us then they will contact them. Broker hasn’t mentioned a valuation so think I will phone estate agents to see if they have been in touch. Hope your hear back from the valuation today. 

Rosy_Apple

Rituals said:

Hi, yes mine was a physical valuation. It was meant to take place on Monday, but I called the estate agent and it hadn’t happened and was happening Tuesday instead. I called on Tuesday and it had indeed taken place, so hopefully we will hear soon. I’ve not received any paperwork or anything from HSBC only confirmation from my broker that it should al be ok. Myself and my partner are regular PAYE employees with no debt, but we are re ring out my existing property (I have a new BTL mortgage on that now), so I guess that could slow things down. How far through the process are you? Hope you hear something soon too. 

It's such a nervy time! We are through a broker too so have nothing from HSBC either. The broker says we are approved pending valuation, which was a physical one yesterday. The broker hoped we would hear either way by the end of the week. My nervousness is that the seller reduced by £100k for a quick sale and to get interest, it meant that we ended up paying £30k over the reduced asking and I am not sure how HSBC will view that. I am hoping that because they went and saw the property that will help us! 

Survey and initial questions from the Solicitor are done so on the one we are buying it feels like this is our last big hurdle! On the one we are selling, it is a little further behind. 

Rituals

Hi @Rosy_Apple and @AilieG01

I have just heard from the broker this morning, HSBC have reviewed and accepted the valuation report. The property was valued at the purchase price.

We offered slightly under the purchase price, but I still think it’s fair for the house and neighbourhood. 

The broker said that HSBC need to complete their final checks, but we should have an offer issued by COB tomorrow. It will be available to view in the broker portal, so I’ll have to wait to hear from them. 

Let me know how you get on.