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HSBC Mortgage application timelines

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  • aimee_coop
    aimee_coop Posts: 29 Forumite
    Third Anniversary 10 Posts Name Dropper
    It must be very frustrating 😣
    But at least you know they are processing your application and do not want to decline your application. They only need some clarification from you and that’s it. I think it’s still a kind of progress! 
  • Kirsten_R
    Kirsten_R Posts: 12 Forumite
    10 Posts Name Dropper
    Hi All,

    We received our mortgage offer this morning finally!
     Just going to give a breakdown of our timelines for everyone so they have an idea of what to expect.

    15th March- Mortgage DIP and Full app submitted
    24th March- P60 requested
    30th March- Queries about P60
    April 1st- Asked about previous employment 
    April 5th - requested March bank statement
    April 7th - Queried an amount on bank statement which was our gifted deposit
    April 8th- Offer received at 4.09am this morning!

    Such a relief. It was really stressful but worth it in the end to get that offer through. 
  • aimee_coop
    aimee_coop Posts: 29 Forumite
    Third Anniversary 10 Posts Name Dropper
    edited 8 April 2022 at 1:26PM
    @Kirsten_R
    Finally finally!!! It must have been very stressful being asked questions a few times throughout the application. But what matters is the offer came through in the end!!!
    Congrats!!!!!🍾🎈🎉🎊 
  • Hey guys, sharing my journey as someone whose buying on their own in these tough economic times. Using MyFluent as a broker and they’ve been good so far. 

    Timeline

    28 March 2022 - Decision in principle 
    31 March 2022 - Full application 
    04 April 2022 - Lender asks for a copy of a document because file corrupted 
    04 April to 07 April 2022 - Valuation done
    08 April 2022 - Lender requested additional doc, specifically 3 months bank statements/ P45 from last employer

    Now waiting for outcome. 
  • Merlin's_Beard
    Merlin's_Beard Posts: 1,471 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Nice to know that other people are also in the limbo of waiting and I'm not alone!

    Working through a broker so I think I'm missing some of the bits along the way (provided P60/payslip/bank accounts with deposit amounts in upfront)

    My timeline so far is:

    31st March - application submitted via broker
    8th April - broker got in contact to say that HSBC won't lend full amount, then after a bit of back and forth decided that the underwriter had made a mistake and it should be available, and was waiting for them to get back to him.

    That was Friday and I've been left in limbo over the weekend. No hard searches appearing on my file (although don't have access to the free credit club as it won't validate me!)

    Here's hoping that next week brings good news.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £226,957.97
    Start student loan 2012: £29,750; current student loan: CLEARED July 2025
  • Kirsten_R
    Kirsten_R Posts: 12 Forumite
    10 Posts Name Dropper
    Nice to know that other people are also in the limbo of waiting and I'm not alone!

    Working through a broker so I think I'm missing some of the bits along the way (provided P60/payslip/bank accounts with deposit amounts in upfront)

    My timeline so far is:

    31st March - application submitted via broker
    8th April - broker got in contact to say that HSBC won't lend full amount, then after a bit of back and forth decided that the underwriter had made a mistake and it should be available, and was waiting for them to get back to him.

    That was Friday and I've been left in limbo over the weekend. No hard searches appearing on my file (although don't have access to the free credit club as it won't validate me!)

    Here's hoping that next week brings good news.
    Fingers crossed you hear something soon. Our mortgage advisor pushed with the Business Development Manager as we were getting frustrated which seemed to speed things up.  My application had a lot of questions and back and forwards with them. I also only had soft searches on my file. 11 of them however! 


  • Merlin's_Beard
    Merlin's_Beard Posts: 1,471 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Good news and not so good news!

    Firstly, HSBC have confirmed they're happy with the affordability, and they're also happy with the valuation of the property.

    But secondly, this has now gone on so long that the original product I was applying for is no longer available, and my interest rate is going from 2.11% to 2.29% - which adds an extra £25 a month onto my mortgage. 

    Win some and lose some, I guess?

    Anyway, we're proceeding. Back to waiting.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £226,957.97
    Start student loan 2012: £29,750; current student loan: CLEARED July 2025
  • Good news and not so good news!

    Firstly, HSBC have confirmed they're happy with the affordability, and they're also happy with the valuation of the property.

    But secondly, this has now gone on so long that the original product I was applying for is no longer available, and my interest rate is going from 2.11% to 2.29% - which adds an extra £25 a month onto my mortgage. 

    Win some and lose some, I guess?

    Anyway, we're proceeding. Back to waiting.
    I kind of regret that I went for a 2-year fixed instead of a 5-year fixed.... dunno when they will raise the rate again.....
  • Kirsten_R
    Kirsten_R Posts: 12 Forumite
    10 Posts Name Dropper
    @aimee_coop I went for a 3 year fixed which was actually cheaper for us than the 2 or 5. I hoping we can remortgage to a better rate again after the three years. 

    I was surprised we even got a mortgage with HSBC due to my not so great credit history which probably impacted the rate we got in the end!
  • aimee_coop
    aimee_coop Posts: 29 Forumite
    Third Anniversary 10 Posts Name Dropper
    @Kirsten_R
    Guess your current financial status triumphed over your credit history lol
    You can start shopping for furniture now!  :D



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