HSBC Mortgage application timelines

Jello123

I wonder what the service levels are AFTER queries are raised. Is it "Assessing supporting documents", which currently stands at 4 w/d. 

Surreysoon

Hi everyone, new to MSE and this whole mortgage process, had an offer accepted and after searching high and low HSBC seem the best deal - can I check which mortgage broker people went through or if you went direct?

Tashco

Surreysoon said:

Hi everyone, new to MSE and this whole mortgage process, had an offer accepted and after searching high and low HSBC seem the best deal - can I check which mortgage broker people went through or if you went direct?

Hi! I went direct and applied online without advice because I had everything ready and knew what deal etc I wanted. I must say though I applied on 31st Jan extra docs were requested and 3 days it’s been manual referral now so all in all 8 days isn’t that bad 

AilieG01

We went through a broker and now wish we hadn’t used this one. We are using London and Country but they require chasing every step of the way. Phoned them last Wednesday to see if there was an update and were told they leave them five working days if there isn’t any requests. So we phoned again today (fifth working day) for an update and the broker went into our file and said there was requests from the 3rd of February. So basically we could have had these dealt with last week and not today. 

[Deleted User]

AilieG01 said:

We went through a broker and now wish we hadn’t used this one. We are using London and Country but they require chasing every step of the way. Phoned them last Wednesday to see if there was an update and were told they leave them five working days if there isn’t any requests. So we phoned again today (fifth working day) for an update and the broker went into our file and said there was requests from the 3rd of February. So basically we could have had these dealt with last week and not today. 

It is fee free?......

propertyhunter

I'm with L&C for a HSBC mortgage!! I've used them 3 times previously and were fine on each occasion. They are fee-free but receive a payment from the lender. 

Jello123

Upon further checks, HSBC have come back to say your case is failing  credit scoring at the requested LtV.


This is what HSBC have told habito. They asked if I can up my deposit. My credit score is 1000/1000. 

Is this really a credit score issue or a down valuations?!

frustratingly waiting on habito to get back to me. 

chrmc

Jello123 said:

Upon further checks, HSBC have come back to say your case is failing  credit scoring at the requested LtV.


This is what HSBC have told habito. They asked if I can up my deposit. My credit score is 1000/1000. 

Is this really a credit score issue or a down valuations?!

frustratingly waiting on habito to get back to me. 

The score you see isn’t the score lenders use. The score you see through credit expert, equifax, check my file mean nothing.
Each lender has their own policies and they use the information on your credit file to score you against their internal policies.
It might be worth going through the detail in your report to see if anything is showing e.g a missed payment, and old credit accounts showing a balance etc

Jello123

chrmc said:

Jello123 said:

Upon further checks, HSBC have come back to say your case is failing  credit scoring at the requested LtV.


This is what HSBC have told habito. They asked if I can up my deposit. My credit score is 1000/1000. 

Is this really a credit score issue or a down valuations?!

frustratingly waiting on habito to get back to me. 

The score you see isn’t the score lenders use. The score you see through credit expert, equifax, check my file mean nothing.
Each lender has their own policies and they use the information on your credit file to score you against their internal policies.
It might be worth going through the detail in your report to see if anything is showing e.g a missed payment, and old credit accounts showing a balance etc

Hi
Absolutely understand this and I been preaching this to others. Honestly there is nothing in our credit files that I can see that will cause concern. 

We have a next directory account with a 5k limit with a balance of £400. That’s all. No other lending. 

We have credit cards but all are nil balance.

We never missed a payment in our lives. 

EDIT: We do have one accidental missed payment 30 months ago. It was for £20.

Been on electoral for last 5 years at same address.

The bit that confuses me is the “give a bigger deposit” part. I thought with credit files it’s either yes we can lend or no we can’t?

Jello123

My updated timeline If it helps anyone.

21/01 

4 soft searches done. Not sure why these happened prior to submission. Maybe it was ID / AIP

25/01

Submission. 2 soft searches. 1 hard search.

28/01 

HSBC asked for more info about a BTL I have which was sent immediately. 1 soft search done. 

31/01

4 soft searches done.

03/02 

Valuation done on site. Confirmed by estate agent.

07/02

Habito calls HSBC for update. Told “unfortunately credit scoring fails at requested LTV” and asked if I can up my deposit.

That’s my timeline so far