HSBC Mortgage application timelines

vi009na

goodwithsaving said:

Do HSBC arrange valuation prior to underwriting (which Nationwide do) or once all documents have been checked?

In my case, I applied on 21st June (full application). Same day HSBC instructed for valuation. 
Next day onwards underwriter started checking my credit history along with docs I submitted. Got mortgage offer post checks on 2nd July subject to valuation.

My broker since was on holiday confirmed me this on Monday 5th July and provided me date as 9th July for valuation.

It depends when they carry valuation. I got date 9th July though instructed on 21st June itself. so may be survey company was busy or my estate agent was busy to provide earlier date in case physical valuation.

IAMIAM

I do like HSBC as a lender. They are very efficient in my opinion, if you are the standard PAYE earner with no major issues and no major credit debt. Otherwise, they can be arsey. 

I also have been glued to the rates tables for the past 6 months and they are the type of lender who constantly reacts to competition. Every time they are pushed out of the top 5 in most tables, they react and reduce rates. In other words...marketing is on point.

FashionHeart

IAMIAM said:

I do like HSBC as a lender. They are very efficient in my opinion, if you are the standard PAYE earner with no major issues and no major credit debt. Otherwise, they can be arsey. 

I also have been glued to the rates tables for the past 6 months and they are the type of lender who constantly reacts to competition. Every time they are pushed out of the top 5 in most tables, they react and reduce rates. In other words...marketing is on point.

I highly agree. Our application turnaround took nearly less than 2 weeks from AIP, application to the mortgage offer (although there had been very tiny hiccups during that time). But overall very efficient and responsive.
They've also launched a new reduced rate yesterday, in which my broker has kindly notified us about.
Not sure if it will be in our favour in terms of being cheap(er) though.

vi009na

FashionHeart said:

IAMIAM said:

I do like HSBC as a lender. U They are very efficient in my opinion, if you are the standard PAYE earner with no major issues and no major credit debt. Otherwise, they can be arsey. 

I also have been glued to the rates tables for the past 6 months and they are the type of lender who constantly reacts to competition. Every time they are pushed out of the top 5 in most tables, they react and reduce rates. In other words...marketing is on point.

I highly agree. Our application turnaround took nearly less than 2 weeks from AIP, application to the mortgage offer (although there had been very tiny hiccups during that time). But overall very efficient and responsive.
They've also launched a new reduced rate yesterday, in which my broker has kindly notified us about.
Not sure if it will be in our favour in terms of being cheap(er) though.

Hey it may not be in your favour unless you switch products post mortgage confirmation which is another 2 weeks or faster or slower but you need to do it manually.

I will also do product switch once I get confirmation early next week. Will be saving almost 1300 pounds over two years.

vi009na

IAMIAM said:

I do like HSBC as a lender. They are very efficient in my opinion, if you are the standard PAYE earner with no major issues and no major credit debt. Otherwise, they can be arsey. 

I also have been glued to the rates tables for the past 6 months and they are the type of lender who constantly reacts to competition. Every time they are pushed out of the top 5 in most tables, they react and reduce rates. In other words...marketing is on point.

Almost all lenders are same except some are faster and some are slower. Depends on individual. Generally NatWest is the fastest in lot.

FashionHeart

vi009na said:

IAMIAM said:

I do like HSBC as a lender. They are very efficient in my opinion, if you are the standard PAYE earner with no major issues and no major credit debt. Otherwise, they can be arsey. 

I also have been glued to the rates tables for the past 6 months and they are the type of lender who constantly reacts to competition. Every time they are pushed out of the top 5 in most tables, they react and reduce rates. In other words...marketing is on point.

Almost all lenders are same except some are faster and some are slower. Depends on individual. Generally NatWest is the fastest in lot.

Also depends on each lenders' workload and demand too.
Overall from my experience HSBC have been really good to us in terms of dealing with our application efficiently. 
Thought it would take longer due to our slightly different and 'complex' case and can't wait until our completion date! 

vi009na

HSBC valuation undervalued house by 26k. 250k vs asking price of 276k.
Leaving HSBC now as they did AVM valuation since EA received no comms for physical valuation.
4 bed 3 bathroom house with garage surely not possible to get in 250k in my area atleast.

Going with NatWest now and will force them to do physical valuation by buying extra home buyer report with it  

greensalad

vi009na said:

HSBC valuation undervalued house by 26k. 250k vs asking price of 276k.
Leaving HSBC now as they did AVM valuation since EA received no comms for physical valuation.
4 bed 3 bathroom house with garage surely not possible to get in 250k in my area atleast.

Going with NatWest now and will force them to do physical valuation by buying extra home buyer report with it  

Can I ask what AVM means? I'm guessing average sales based on local area or something?

This is my big fear for the property we're buying atm. We offered what we felt was right but only after a visit! And there is a fairly slim amount of sold property in the local area.

vi009na

greensalad said:

vi009na said:

HSBC valuation undervalued house by 26k. 250k vs asking price of 276k.
Leaving HSBC now as they did AVM valuation since EA received no comms for physical valuation.
4 bed 3 bathroom house with garage surely not possible to get in 250k in my area atleast.

Going with NatWest now and will force them to do physical valuation by buying extra home buyer report with it  

Can I ask what AVM means? I'm guessing average sales based on local area or something?

This is my big fear for the property we're buying atm. We offered what we felt was right but only after a visit! And there is a fairly slim amount of sold property in the local area.

AVM is automated valuation model... Where they just put postcode and house number rest computer does. It's worst than desktop valuation where someone research on property through various sources and actual pictures of inside outside house.

The house I gave offer was listed 295k and was sold for 289k... Buyer dropped in the middle and house came back to market in 1 month for 284k. I offered 276k.


Its insane... I have applied to natwest now as they do physical valuation. Will update you progress soon.

Yorkshirecouple

Hi all, just to help people with current time lines. My case was quite complex as self employed:

Full application evening of 05/07

Valuation 07/07

Documents accepted 07/07

Requested extra document 07/07

Extra document sent 07/07

Extra document accepted 13/07

Sent to self employed underwriters 13/07

Mortgage offer morning of 16/07

8 working days in total 

Good luck all x