HSBC Mortgage application timelines

aimee_coop

@Kirsten_R

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

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

@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!!!!!🍾🎈🎉🎊 

zayden1993

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

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.

Kirsten_R

Merlin's_Beard said:

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

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.

aimee_coop

Merlin's_Beard said:

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

@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

@Kirsten_R
Guess your current financial status triumphed over your credit history lol
You can start shopping for furniture now!