HSBC Mortgage application timelines

Jangochain

Hi, I wanted to ask if anyone had their mortgage application passed onto audit team? Feel really let down by Hsbc. Basically we have submitted application via broker 17/03. On the same day we have submitted all the required documents. In weeks that followed Hsbc kept requesting the same documents that been supplied only to confirm that they’ve got it. Then passed it onto underwriters and 3 weeks ago passed onto audit team. They would not give any timescales as to how long the audit will last. I feel so helpless as there’s nothing I can do apart from chasing our broker. Or is there? Can I contact Hsbc direct? Has anyone been in similar situation? Petrified to lose the property as all the searches are done and ready to go and yet we have no mortgage. 

Thrugelmir

Jangochain said:

Hi, I wanted to ask if anyone had their mortgage application passed onto audit team? Feel really let down by Hsbc. Basically we have submitted application via broker 17/03. On the same day we have submitted all the required documents. In weeks that followed Hsbc kept requesting the same documents that been supplied only to confirm that they’ve got it. Then passed it onto underwriters and 3 weeks ago passed onto audit team. They would not give any timescales as to how long the audit will last. I feel so helpless as there’s nothing I can do apart from chasing our broker. Or is there? Can I contact Hsbc direct? Has anyone been in similar situation? Petrified to lose the property as all the searches are done and ready to go and yet we have no mortgage. 

Internal audit is a compliance function. Applications are randomly selected for checking.  Nothing you can do but wait. 

Jangochain

Thrugelmir said:

Jangochain said:

Hi, I wanted to ask if anyone had their mortgage application passed onto audit team? Feel really let down by Hsbc. Basically we have submitted application via broker 17/03. On the same day we have submitted all the required documents. In weeks that followed Hsbc kept requesting the same documents that been supplied only to confirm that they’ve got it. Then passed it onto underwriters and 3 weeks ago passed onto audit team. They would not give any timescales as to how long the audit will last. I feel so helpless as there’s nothing I can do apart from chasing our broker. Or is there? Can I contact Hsbc direct? Has anyone been in similar situation? Petrified to lose the property as all the searches are done and ready to go and yet we have no mortgage. 

Internal audit is a compliance function. Applications are randomly selected for checking.  Nothing you can do but wait. 

Waiting is fine. We’ve already waited 6 weeks or so, but waiting with no idea of any timescales is an issue. I’m concerned that they will decline the application or our vendor will pull out. It’s a tricky situation and not feeling in control bothers me. We went with the broker hoping for an easier transaction and yet in hindsight probably wouldn’t. At the moment all I can do is rely on the broker to chase the bank and do all that’s possible, but not have that control myself. 

Also, do you know if it is actually random or maybe because there’s an issue with the application? Honestly, going mad here…

Jangochain

Hi guys, bit of an update. So after a long wait that feels like ages, finally got an update from my broker that our mortgage is out of the audit and no issues were flagged up. Been told it’s going to be 24 hours till the decision. Got everything crossed 🤞 for a good outcome. There’s really nothing for them to pick on… although had Clydesdale mortgage turned down with no explanation, so really hoping this one works out. 

SugarDatesAndPistachios

Goodluck @Jangochain, I’m sure it will be good news! For first time in my life I could have done without a bank holiday. I text my broker today for an update and he thinks that ‘an offer will be issued’ after they’ve read his last explanatory message. Hurry up and read the message, underwriter, gatekeeper of my dreams!

Jangochain

Well got another update. Hsbc agreed mortgage but £5k less than we need. In the grand scheme of things this does not make that much of a difference. But still. 5k less, no explanation why. Asked to provide proof that we have enough of the deposit money to cover that and will offer on that basis. I mean all of this mortgage business is hard work and really frustrating… 
good luck everyone. 

SugarDatesAndPistachios

5k! How silly, just imagine you couldn’t get that 5k from somewhere else, infuriating! Hoping we get full amount we need it! 

Congrats though, first hurdle of many cleared! 👍🏽 

lukepenn

lukepenn said:

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.

Okay so

4/5: Evaluation completed and mortgage formally approved

Less than 3 weeks for everything. 

Now just waiting on solicitors to do their thing. 

Hold up is the Estate agents who seem in no rush to send the memo of sale out, so I’m going to be a massive headache for them. 

SugarDatesAndPistachios

Just an update (of nothingness)

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 in detailed reply so hopefully once read mortgage should be issued
5th May: 7 working days from valuation, no news 😞 

brain123

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12 days post valuation and still waiting for offer from HSBC. Are they slow? Speaking to mortgage broker tomorrow.