HSBC Mortgage application timelines

666666

Hello all. I’m new to the forum. I have applied via a broker called Heron Financial. My timeline so far is:

24th Jan - Offer on the house accepted. We already had agreement in principle with First Direct but spoke to Heron to compare. Turns out they have a better rate with HSBC so we decided to go with them.

26th Jan - Submitted all documents to Heron

27th Jan - Received a notification from Heron that application is formally submitted and currently with the underwriter. Credit searches done by HSBC.

1st Feb - Received notification via Heron that valuation is being done.

7th Feb - There was no news until the 7th when they asked for one more month bank statement which I provided straight away.

… and here I am now still anxiously waiting. I am a little bit worried honestly about the competency of our broker. From talking to them last week I wonder if they vetted our documents at all before submitting it to HSBC… However, it is still on the 9th working day so here is hoping. 

AilieG01

Hi @666666

Here is my timeline 

I also applied on the 27/1 

Broker asked for proof of deposit supplied same day 31/1 

and then nothing until 7/2 as broker won’t contact them for 5 working days from last document uploaded but turned out bank requested documents on 3/2

7/2 broker finally noticed HSBC requests asking for bank statements for my self employed business and how we will pay the mortgage while I am off on maternity. Answers all given on 7/2. 

8/2 valuation is supposed to be getting done today. 

And if broker won’t contact them for another five working days then I might not know anything til Monday coming. Think will chase broker closer to end of week for an update if possible. 

666666

@AilieG01 Thanks for sharing! Since we applied the same day hopefully we will hear good news around the same time! Does your broker charge you a fee? Mine doesn’t and originally I thought it’s a good thing but I’m not so sure now 😅 one of their other employees trying to sell me some content insurance and I told them lets wait if the mortgage goes through first? 😄

AilieG01

666666 said:

@AilieG01 Thanks for sharing! Since we applied the same day hopefully we will hear good news around the same time! Does your broker charge you a fee? Mine doesn’t and originally I thought it’s a good thing but I’m not so sure now 😅 one of their other employees trying to sell me some content insurance and I told them lets wait if the mortgage goes through first? 😄

No L&C is fee free but receives a payment from the lender. Ours wanted up to have a phone appointment about life insurance with their company too but I was too busy that day 🤣 Fingers crossed they don’t keep us waiting too much longer. 

SusieT

Jello123 said:

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?

Could it be that they have looked at the available credit on Next and your credit cards, and they are deducting that from the available mortgage? It may be worth asking them if closing them may help? Othewise it may just be a case of your details  an the computer says no at e.g 95% ltv but would say yes at e.g.90%

propertyhunter

An update from me - submitted mortgage application using L&C on 27 January. Today (9 Feb) I received the full offer! I'm so pleased - over the moon!

Good luck to everyone else with ongoing applications. Mine did take a bit longer than others who posted on this thread, so don't give up hope!

Tashco

propertyhunter said:

An update from me - submitted mortgage application using L&C on 27 January. Today (9 Feb) I received the full offer! I'm so pleased - over the moon!

Good luck to everyone else with ongoing applications. Mine did take a bit longer than others who posted on this thread, so don't give up hope!

CONGRATS!!!! I’m still eagerly waiting for my decision from HSBC hope they hurry up I can’t take much more hahah 

propertyhunter

Tashco said:

propertyhunter said:

An update from me - submitted mortgage application using L&C on 27 January. Today (9 Feb) I received the full offer! I'm so pleased - over the moon!

Good luck to everyone else with ongoing applications. Mine did take a bit longer than others who posted on this thread, so don't give up hope!

CONGRATS!!!! I’m still eagerly waiting for my decision from HSBC hope they hurry up I can’t take much more hahah 

I know how you must be feeling! Fingers crossed for you! 

666666

Congrats @propertyhunter you must be so relieved! I submitted same time as you and still waiting anxiously... I just feel the longer I wait the more invested I am to the property and I'm worried about getting too attached and then having issues with the mortgage...

AilieG01

propertyhunter said:

An update from me - submitted mortgage application using L&C on 27 January. Today (9 Feb) I received the full offer! I'm so pleased - over the moon!

Good luck to everyone else with ongoing applications. Mine did take a bit longer than others who posted on this thread, so don't give up hope!

Great news @propertyhunter
I submitted the same time as you but only had valuation done yesterday. I do live at the very tip of a peninsula so surveyors only come weekly for valuations. More documents were requested at the start of the week so hopefully that’s the last.