HSBC Mortgage application timelines

MoneyPenguin

chocfudge84 said:

We’re currently part way through buying with hsbc. We’ve had an offer accepted and mortgage in principle. 

We’re having a desktop valuation completed next week. I’m a bit anxious about this as the house has been extended and modernised and is advertised at £95000 more than any house ever has been on the street. I’m worried it’ll be undervalued! 

Has anyone else had issues with valuation? 

Yeah, so we're buying a house (222k) and the valuation came back 30k under so we were denied the mortgage.
However, we did contest it by getting our estate agent to write up a 'similar property prices in the area report'. We sent this to the mortgage provider, who then sent it to their independent valuers. (Similar houses are about 230k on the street). We won the valuation appeal and just had our formal offer documents. It's been an emotional rollercoater!

You might struggle if the only thing separating your house is modernization, especially if it's over 95k. Depending on the extension this is where the extra value will come from. There will be a ceiling price on the street and no amount of modernisation can help. I really hope it comes back for you ok!  

tracy_l

Hi,
Did the hard search show any mortgage amount? I recently applied Hsbc mortgage, and saw a hard credit search with amount 0! Is this a bad sign? 

tracy_l

tarunp8099 said:

Hi All,

I not found any recent HSBC mortgage application timeline that’s why I started new post.

My application timeline as below.

AIP & Application : 11th March 2021
Credit search : 11th March ( 7 time soft search & 1 hard search)

credit search : 17th March 2021

Ask additional docs: 17th March 2021

Docs submitted : 17th March 2021.

Again credit search : 19th March 2021.

wait for further update....

please post here your application timeline. So all get idea about timelines.

thanks 

Did the hard search show any mortgage amount?

gailybab

Hi! Very helpful reading all your experiences. Myself and my partner are going through the process of buying a house with hsbc. 

-We had an agreement in principle mid April
-Had an offer on a house accepted the end of April 
-Completed the mortgage application (subject to valuation) end of May, we had to wait for the vendors to have an offer accepted so took a while
-the valuation took place on 1/6/21
-we have received our mortgage offer today (4/6/21)

My question is, as we have received our mortgage offer does this mean the valuation was fine and they are happy to lend us what we have asked for? We’ve not received any details about the valuation and don’t want to assume its all okay to be disappointed if we hear otherwise. 

Thanks for any help! 

Abi

lonibra

If you have got an offer at the applied for amount, the valuation has come back fine.

You would hear back about the valuation only if there was a problem and an offer would not be issued.

vi009na

My Story so far. Applied for 90% LTV

16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 

21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront.

25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.

Unaware of proceedings at the moment. Whether valuation booked or not, any further queries from HSBC for me. Chased broker today regarding same.
Hoping for the best. Lets see.

FashionHeart

vi009na said:

My Story so far. Applied for 90% LTV

16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 

21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront.

25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.

Unaware of proceedings at the moment. Whether valuation booked or not, any further queries from HSBC for me. Chased broker today regarding same.
Hoping for the best. Lets see.

You've applied literally at the same time as us then. We are still waiting for some update or news...however I think it's because our case is slightly complex as we're not applying through FTB (although I am eligible to do that), but it's a remortgage on the property I'm currently living in right now (which is owned by my sister and her husband) and my name needs to be on it.

We are applying with HSBC which makes sense for us because we've been banking with them for about 20 years now.
Would've thought this would be our advantage and even applying through a broker but turning out not to be the case!

Please do post any updates your end 

Debs757

chocfudge84 said:

We’re currently part way through buying with hsbc. We’ve had an offer accepted and mortgage in principle. 

We’re having a desktop valuation completed next week. I’m a bit anxious about this as the house has been extended and modernised and is advertised at £95000 more than any house ever has been on the street. I’m worried it’ll be undervalued! 

Has anyone else had issues with valuation? 

Did they ask you for a professional Consultants certificate due to the extension? 

vi009na

FashionHeart said:

vi009na said:

My Story so far. Applied for 90% LTV

16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 

21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront.

25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.

Unaware of proceedings at the moment. Whether valuation booked or not, any further queries from HSBC for me. Chased broker today regarding same.
Hoping for the best. Lets see.

You've applied literally at the same time as us then. We are still waiting for some update or news...however I think it's because our case is slightly complex as we're not applying through FTB (although I am eligible to do that), but it's a remortgage on the property I'm currently living in right now (which is owned by my sister and her husband) and my name needs to be on it.

We are applying with HSBC which makes sense for us because we've been banking with them for about 20 years now.
Would've thought this would be our advantage and even applying through a broker but turning out not to be the case!

Please do post any updates your end 

No updates so far from Broker. Its just waiting game... too impatient. 
did you hear anything back so far? HSBC seems slow for my case 

FashionHeart

vi009na said:

FashionHeart said:

vi009na said:

My Story so far. Applied for 90% LTV

16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 

21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront.

25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.

Unaware of proceedings at the moment. Whether valuation booked or not, any further queries from HSBC for me. Chased broker today regarding same.
Hoping for the best. Lets see.

You've applied literally at the same time as us then. We are still waiting for some update or news...however I think it's because our case is slightly complex as we're not applying through FTB (although I am eligible to do that), but it's a remortgage on the property I'm currently living in right now (which is owned by my sister and her husband) and my name needs to be on it.

We are applying with HSBC which makes sense for us because we've been banking with them for about 20 years now.
Would've thought this would be our advantage and even applying through a broker but turning out not to be the case!

Please do post any updates your end 

No updates so far from Broker. Its just waiting game... too impatient. 
did you hear anything back so far? HSBC seems slow for my case 

Yes.
Yesterday my broker had said HSBC requested me to send my job offer letter of employment.
I sent it straight away literally last night for him to upload so Underwriter could review.
Now just another waiting game frustratingly....

But at least I now know our application is somewhere in the pile amongst others (including yourself)!