HSBC Mortgage application timelines

greensalad

Was hoping I might hear some news today based on how quick some applications are coming back! Our mortgage application was submitted Monday.

OH chased broker this morning to find out when the valuation is booked for (and hopefully find out what type it is) as we only heard through the grapevine that there was one "booked".

I am hoping full physical valuation, as the property has been extended twice and therefore I don't think a balancing average with other nearby properties will do much.

Also wondering whether they will qualify it as 4 bed or 5. It's an extended bungalow, originally 2 bed downstairs but then a further 2 bedrooms put upstairs (along with extra bathroom and en suite) and then on top of that a large flatroof extension out the back, so it's technically a 5 bed, but was advertised as 4 bed with study.

Fingers crossed for a proper valuation!

vi009na

greensalad said:

Was hoping I might hear some news today based on how quick some applications are coming back! Our mortgage application was submitted Monday.

OH chased broker this morning to find out when the valuation is booked for (and hopefully find out what type it is) as we only heard through the grapevine that there was one "booked".

I am hoping full physical valuation, as the property has been extended twice and therefore I don't think a balancing average with other nearby properties will do much.

Also wondering whether they will qualify it as 4 bed or 5. It's an extended bungalow, originally 2 bed downstairs but then a further 2 bedrooms put upstairs (along with extra bathroom and en suite) and then on top of that a large flatroof extension out the back, so it's technically a 5 bed, but was advertised as 4 bed with study.

Fingers crossed for a proper valuation!

I really hope best for you. My bad exp should not repeat with you.

Do update once valuation takes place.
My natwest application going fine as of now. Saw hard check today on equifax. 

greensalad

Been informed by the broker that HSBC are happy with our documentation and we should get an offer next week (subject to valuation). Looking forward to getting some official documentation.

Also asked the broker when the valuation is and they said they'll try to find out.

FashionHeart

Does anyone know if LMS/Integrar are accepting copies of original documents without them being certified?

Having a difficult time with it right now as I don't know any professionals who can and I work 6 days per week now...

greensalad

greensalad said:

Been informed by the broker that HSBC are happy with our documentation and we should get an offer next week (subject to valuation). Looking forward to getting some official documentation.

Also asked the broker when the valuation is and they said they'll try to find out.

Update to this I think our valuation has gone through OK?!? We're through Habito so my OH asked a few questions in their chat on the application.

The first message received said:

"I have checked in with HSBC and it looks like your mortgage has been approved, and is undergoing final review". 

When he asked "do you know if that is including the valuation, or pending it" they said:

"That is including the valuation too".


??!??!? Does that mean the valuation was OK?!

greensalad

Got the HSBC paperwork this morning and combed through it, cannot see anywhere it mentioning any conditions of the offer so I think it's true, valuation was fine! We've been panicking so much about this and it was all for nothing!

So my timelines are:

Friday 9th July: DIP received from HSBC via broker (Habito)
Monday 12th July: Application submitted to HSBC
Monday 12th July: Valuation booked
Friday 16th July: Successful application verbally confirmed by broker
Sunday 18th July: HSBC offer documents received

  

greensalad

I thought I'd put a note here regarding our HSBC application. We applied for the 5% deposit option in early July, and got accepted really quickly.

Recently my OH noticed that the rate had dropped from 3.39% to 2.99%. It seems that HSBC are recalculating rates and normalising them a bit. I think their low LTV rates have actually gone up a little. But it's worth checking. The new rate will save us £100 a month which is really significant!

We spoke to our broker about it and they said we don't have to go back through full application (we were worried, because we were so concerned with downvaluations and the market has cooled off a bit now we were concerned we'd get down valued more than the saving!) but they said they'll just re-issue the offer. I'm not sure if this resets the 6 month period too, I'll wait and see what the letter says.

Worth looking into!

greensalad

Just got our mortgage documents reiussed, only a day after asking! £100 a month saving, I'm so pleased we got this and we didn't have to go through full application again. Also they reissued with a new 6 month deadline so that actually gives us 2 months extra!

Pinonze

Hi All

Made an application 26th August 2021. Valuation Done. 
Submitted all documents to HSBC 29th August.

Not heard anything since and HSBC keep saying waiting for underwriter to review case. 

Got an update today from the broker saying 

Its in Pre Offer Underwriting Stage. !!!!

Whats does that mean? Has it taken this long to get to this stage?

Its a straight remortgage with no additional borrowing. Geez!!!

Anyone understand what this means Pre offer Underwriting is this a good sign?

Please what are your thoughts? 

aoleks

Day 1: AIP agreed
Day 1: offer agreed in principle (subject to valuation)
day 6: valuation (in person, Saturday)
day 6: final offer (within 15 min of valuation)

in other words, without the valuation, it would’ve been done in 1 working day, and that’s literally days before the end of the stamp duty holiday.