HSBC Mortgage application timelines

Garbushka

I just need a mortgage. So far I've been looking for a better deal.

Merlin's_Beard

My full and complete timeline:

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.
11th April - HSBC decide that the broker is right, they will lend the full amount, but they've changed their rates in the meantime (£25 a month more for me to pay for the next 5 years)
19th April - mortgage offer comes through! Valid until 16th October.

What I will say is that I'm very glad I had a broker fighting my corner on this one, or the whole thing could have fallen down.

omair_r

omair_r said:

Hello All, here is my timeline (we applied directly with HSBC through mortgage advisor):

10th March DIP
15th March- full application submitted with all the documents 
16th March - remote valuation done and fee paid
16th March - Manual referral 
17th March - Decision obtained 
17th March - Ready to offer
25th March - Manual Referral
25th March - Decision Obtained 
7th April - Customer Due
20th April - Offer received (finally) 

Dilligence review over the phone 

It’s draining waiting for abproper update- I was told that we should have an offer by 28th March and then 6th April but the pace of the process is painfully slow. 

Will come back with updates - if and when we have one. 

Finally received the offer today! 

SugarDatesAndPistachios

21st April: Full application submitted via broker
25th April: Physical valuation undertaken by bank 
26th April: More information requested by HSBC to broker - regarding BTL running costs and pre-maternity pay, figures and documents provided.
2nd May: Bank Holiday grrr
3rd May: Chase broker who says underwriter wanted clarity on payslips issue, broker says had already explained in notes but explained in detailed replay so hopefully once read ‘mortgage should be issued’ 
5th May: 7 working days from valuation and nothing yet. Feel low about it.

CardiffCrank

16/04 broker applied

25/04 broker contacted us to say application approved pending some "standard final checks"
Desktop valuation, in line with our offer 7% over asking.

lukepenn

Hey all we are going through our first mortgage application and thought I'd post our timelines below

20/4: MIP submitted
21/4: Offer submitted
22/4: Offer Accepted
25/4: Full Mortgage Application filled w/ Mortgage Advisor help
27/4: Text from HSBC confirming mortgage subject to evaluation

Will update as we go along, but for now this has been a very speedy process and would recommend the mortgage advisor help.

A flag was raised on my side because there was a Notice of Correction on my credit report at my current address with no details, just a reference number.

This flagged to manual underwriters but after a call with Experian and emails with my advisor, the NOC was removed and resolved very quickly and accepted. Just hope the evaluation goes as smoothly.

zayden1993

Hey guys, so, one man’s sorrow another man’s comfort and all that. I had my mortgage offer through and my solicitor was busy running checks. Turns out the property has been underpinned in 2013 and the agent and sellers failed to mention this at the time I viewed the property, at the time I put an offer in and at the time I advised them I’d be having a survey done. It’s only when my solicitor asked whether they’ve had any work done did they confirm.

We’re now in negotiation to lower the sale price because a history of subsidence makes insurance more expensive not to mention, rightly or wrongly, significantly devalues a property. 

Remember when I said I was reaching for the anxiety meds? It’ll have to be something much stronger at this point. Those pesky goal posts don’t know when to quit moving. We’ll keep you updated if I don’t drown myself in the river I’m crying. 😩

aimee_coop

@zayden1993
What a bummer  
Will you consider pulling out of the purchase instead ? Or is it too late to do that now?

SugarDatesAndPistachios

@zayden1993

How unfair, if only they had been honest from the start, what purpose does not being transparent have, only wastes time.

The whole waiting for a mortgage thing is nerve wracking, let alone adding in a tricky seller. 

zayden1993

Hey guys, it’s not too late for us to contractually pull out without incurring any significant penalties and it strikes me as hella disingenuous when a seller does this. 

I’ve already spent a shedload on having it surveyed, legal costs alone. I’m not really prepared to go spend a round of money on another property. We don’t mind underpinned properties as long as they’ve been appropriately valued. This guy tried to sell us a house that’ll be more expensive to insure for more money than other houses on the same street. It’s a seller’s market and they’re absolutely milking it. 

We’ve asked for another reduction so waiting on them to confirm. This is mostly to protect the resale value when it’s our turn to sell. Solicitor is running his last few checks and we’re getting there. Wish us luck and hope these guys agree to a reduction.