HSBC Mortgage application timelines

SugarDatesAndPistachios

@brain123 I was told at beginning of application going in to expect it to take at a max 2-3 weeks. I am 10 working days in from the application being submitted and 7 working days from the valuation being done. Time is passing very slowly and it’s a horrible wait, especially as the property is still open to other viewings until our finances (read mortgage offer) are fully proven! 

brain123

@SugarDatesAndPistachios yes the wait is slow and horrible. I have been reassured by friends that if the bank is happy with their valuation, there should not be any issue usually. So not sure why the delay. Let's keep fingers crossed! 

SugarDatesAndPistachios

@Brian123 I hope that’s true! Except i think HSBC order the valuation straight away, pre fine tooth combing by underwriter?

Did you get through to your broker? 

brain123

@SugarDatesAndPistachios broker spoke to HSBC and has submitted some additional information. So you are right they must do valuation straight away and then go through application. I suppose other lenders may do valuation last. Fingers crossed! 

SugarDatesAndPistachios

Well we will likely find out tomorrow, the broker thinks, but who knows, losing hope now. It was referred twice and they won’t accept all my wage. I’m not confident as it’s entirely up to what the underwriter decides they want to do, the guidelines are open to interpretation.

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.

9th May: Bank won’t accept my full return to work maternity pay as over 20% more than pre maternity.
10th May: Go go gadget broker - talked with BDM/undewriter
11th May: Full offer given (actually 5k more than we thought)

Well we got it!!! Took 13 working days in total. What a bloody relief, would 100% recommend getting a broker as they have the ability to talk to the underwriter/BDM and argue your case.

brain123

Finally got the offer today. 18 working days after the valuation. What a relief!!

nacho88

brain123 said:

Finally got the offer today. 18 working days after the valuation. What a relief!!

Congratulations!

We are in a similar situation. Could I ask which area of the UK you are buying in? Hoping we don't have to wait 18 days post valuation!

04/04: Application submitted
04/04: HSBC refuses to lend on property due to EPC rating being F. We somehow missed this, probably because the house had been renovated fairly recently so assumed it would be around D/E. Turns out the sellers never got a new EPC rating after doing the renovations.
07/04: New EPC received (D)
08/04: Application resubmitted
12/04: Chased mortgage broker. Turns out there HSBC system not recognising the new EPC so having to override and input manually.
20/04: Chased mortgage broker. HSBC has instructed valuation on house.
26/04: Physical valuation is booked for May 10th (found out through estate agent)
11/05: Underwriting complete and mortgage approved subject to satisfactory valuation (we are expecting a down valuation so still feeling a bit anxious!)

Spiderroo

27/04: Application submitted 

That's it so far! Our broker says HSBC has a huge backlog and we should come to the top of the pile to be processed today. We still need a valuation, etc and I am slightly worried about how long the process will be if it takes 13+ working days to even review an application. 

[Deleted User]

666666 said:

@[Deleted User] I hope your solicitor and mortgage broker will help you sorting it out. I would think that they would pick this up and get on it 😒

I am pleased to say after 17 weeks I have finally completed. HSBC were extremely quick in releasing the funds to my solicitor, as they were adding the mortgage to my online HSBC app. They even changed my address for me! I have yet to find out when the first payment will come out and from which account.