HSBC Mortgage application timelines

Rosy_Apple

Rituals said:

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. 

Our mortgage offer has just come through via text and email. Hopefully yours will follow shortly! 

Final timeline:
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.
2/02 - Valuation completed
3/02 - Mortgage offer received 

Rituals

Brilliant news @Rosy_Apple, what a relief! 

AilieG01

Brilliant news @Rosy_Apple. That was quick!! 

@Rituals when did you submit your application? 

Rituals

Hi @AilieG01

This has been the timeline (and all through a broker)

Application: 26/01
Valuation round 1: 31/01 (booked for this date although Valuation guy didn’t turn up…)
Valuation round 2: 01/02
Valuation approved and accepted: 03/02

Still waiting on final checks and offer… 

How are you getting on? 

AilieG01

Hi @Rituals
still no further forward! Application went in on the 27th and then broker asked us for proof of funds which they had on the 31st.
Emailed broker for an update and he said there isn’t any and that he wouldn’t contact them until Monday the 7th. He said they leave companies for 5 working days after they send documents before they contact them again. 

You don’t sound like you can be too far away. Going by other timelines you could be getting your offer tomorrow!! 😄

Rituals

It won’t be long until Monday and then fingers crossed you’ll get some positive news. It’s such a worrying time. Can you find out if they have done the valuation? I called the estate agent to check out one had been done. At least you’ll know that bit is completed. 

Jello123

AilieG01 said:

Hi @Rituals
still no further forward! Application went in on the 27th and then broker asked us for proof of funds which they had on the 31st.
Emailed broker for an update and he said there isn’t any and that he wouldn’t contact them until Monday the 7th. He said they leave companies for 5 working days after they send documents before they contact them again. 

You don’t sound like you can be too far away. Going by other timelines you could be getting your offer tomorrow!! 😄

Hi
Who is your broker? 
I am in similar situation. My broker is habito. 

25/01 - Submitted
28/01 - Broker asked for additional bank statement to prove rental income and also a AST. Provided straight away. 

Not a single bit of update since. Broker doesn’t really chase. They just track responses on their portal. 

Was told by broker HSBC have really fallen behind and it can take 9 working days for responses.  

If you go on hsbc intermediaries website you will see current service levels have increased a lot. 

 How is it some people are having valuations done without them knowing? Don’t you need to pay for it first?

Jello123

Also does anyone know whether HSBC review everything and then ask for extra docs and queries in one go?

They queried and asked for further information about my rental property income. Which I provided. They didn’t ask for anything else at this point. 

Does that mean they are happy with all my other bits of income? Or can I expect further queries?

Nedge79

Jello123 said:

AilieG01 said:

Hi @Rituals
still no further forward! Application went in on the 27th and then broker asked us for proof of funds which they had on the 31st.
Emailed broker for an update and he said there isn’t any and that he wouldn’t contact them until Monday the 7th. He said they leave companies for 5 working days after they send documents before they contact them again. 

You don’t sound like you can be too far away. Going by other timelines you could be getting your offer tomorrow!! 😄

Hi
Who is your broker? 
I am in similar situation. My broker is habito. 

25/01 - Submitted
28/01 - Broker asked for additional bank statement to prove rental income and also a AST. Provided straight away. 

Not a single bit of update since. Broker doesn’t really chase. They just track responses on their portal. 

Was told by broker HSBC have really fallen behind and it can take 9 working days for responses.  

If you go on hsbc intermediaries website you will see current service levels have increased a lot. 

 How is it some people are having valuations done without them knowing? Don’t you need to pay for it first?

Myself and the wife were recently approved for HSBC mortgage l didn’t know about valuation until a week later via my broker. 

HSBC pay for the valuation l only had a desktop valuation they just research local prices in the area for a valuation. 

Rituals

My one was an in person valuation, but I think that’s because the house is over 80 years old. I think they do in person ones on older properties.