HSBC Mortgage application timelines

Jessiecacar

nuhomebuyer said:

Jessiecacar said:

nuhomebuyer said:

Jessiecacar said:

nuhomebuyer said:

Jessiecacar said:

So HSBC timeline update.

26/10/21 application submitted and credit checked
30/10/21 survey conducted
12/11/21 HSBC received valuation with No issues
15/11/21 request for further 3 days bank statement
24/11/21 mortgage rejected as I am an agency worker.

so 29 days later my mortgage got rejected even though I applied via a broker, earn a really good wage and have a really good credit score.

Sorry you haven't been successful with HSBC. It must be hard getting to that stage and then a rejection. We're you with your employer for 12 months or more?

I've applied recently, had the valuation back and no further info. 

Fingers crossed you hear back soon. 😊 they are taking ages currently according to my broker, it might be 3 weeks or so.

I have been an agency worker for the last 3 years and my pay is usually around £3500-4000 a Month after tax. I think it’s to do with covid and risk as opposed to me as they will lend to me just not the price of the house as I can not guarantee my income.

My broker has submitted to Santander now as apparently they are better with agency workers.

Is it commission or overtime? I'm actually self-employed so you have me worried now. 

Neither I am an agency worker so a zero hours contract but I work in A&E. I can not prove I have work going forward despite me having a high income for the last 2yrs.
it’s different for self employed so try not to worry x

I've absolutely no doubt you'll get sorted. It's such a nightmare getting to the bitter end to be told "no sorry". Health care. I'd expect them to be much more flexible. 

I know. My broker specialises in health care workers too. It’s just being zero hours I actually have no guarantee of work. Not that I have ever or will ever be without work. 

It’s just frustrating and upsetting to get so far along and be told no.
have you used a broker? 

nuhomebuyer

I did use a broker. Valuation was 2 weeks ago. 1 SE and 1 employee. About 10/11k net a month combined with dividends. I'm more worried about the valuation at this stage. 

Jessiecacar

Good luck. My valuation came back fine. Fingers crossed 

nuhomebuyer

Good luck to you too. Let us know when you finally get approved. 

faylou

faylou said:

Our timeline with HSBC is as follows 
22/10 offer accepted 
29/10 application submitted to HSBC via     

           broker 
11/11 mortgage offer subject to valuation 
23/11 mortgage valuation carried out 

Broker says HSBC are very behind and not to expect an update until the end of next week . 

Received text today ( Sunday 28th) that we have the mortgage offer . Hooray !

nuhomebuyer

faylou said:

faylou said:

Our timeline with HSBC is as follows 
22/10 offer accepted 
29/10 application submitted to HSBC via     

           broker 
11/11 mortgage offer subject to valuation 
23/11 mortgage valuation carried out 

Broker says HSBC are very behind and not to expect an update until the end of next week . 

Received text today ( Sunday 28th) that we have the mortgage offer . Hooray !

Brilliant news 👏. I was back and forth last week with documents. Hopefully I'll hear this week. 

emzyadds

We had to put in a new application, which went in 22/11, spoke to broker on 26/11 and we were still in line to be reviewed by an underwriter. Hoping to hear something this week. 

cofate2010

Hi All

We're in the midst of our application process, having been super anxious this forum has helped put things into perspective  I'd like to share our experience for others too:

01 Nov 2021 - Offer Accepted.
02 Nov 2021 - DIP obtained via broker.
16 Nov 2021 - Mortgage application submitted via broker - Experian shows a hard credit search on our files.

HSBC service levels state 14 working days (for week commencing 15th Nov and then again when updated for w/c 22nd Nov).  

No updates at all.

26 Nov 2021 - Valuation complete (I found out via a call to ea 29th Nov, broker was not informed at all).

I called our broker who still has no update on our application, however after calling HSBC on the 29th he was able to confirm the valuation was as per the sale price.

HSBC service levels for w/c 29th Nov now state 10 working days, so we hope for intial feedback by the end of this week!

Good luck everyone 

nuhomebuyer

cofate2010 said:

Hi All

We're in the midst of our application process, having been super anxious this forum has helped put things into perspective  I'd like to share our experience for others too:

01 Nov 2021 - Offer Accepted.
02 Nov 2021 - DIP obtained via broker.
16 Nov 2021 - Mortgage application submitted via broker - Experian shows a hard credit search on our files.

HSBC service levels state 14 working days (for week commencing 15th Nov and then again when updated for w/c 22nd Nov).  

No updates at all.

26 Nov 2021 - Valuation complete (I found out via a call to ea 29th Nov, broker was not informed at all).

I called our broker who still has no update on our application, however after calling HSBC on the 29th he was able to confirm the valuation was as per the sale price.

HSBC service levels for w/c 29th Nov now state 10 working days, so we hope for intial feedback by the end of this week!

Good luck everyone 

My application seems to be the opposite way round to yours. My mortgage has been approved based on the offer price but I'm now waiting on the valuation coming back.  

cofate2010

nuhomebuyer said:

cofate2010 said:

Hi All

We're in the midst of our application process, having been super anxious this forum has helped put things into perspective  I'd like to share our experience for others too:

01 Nov 2021 - Offer Accepted.
02 Nov 2021 - DIP obtained via broker.
16 Nov 2021 - Mortgage application submitted via broker - Experian shows a hard credit search on our files.

HSBC service levels state 14 working days (for week commencing 15th Nov and then again when updated for w/c 22nd Nov).  

No updates at all.

26 Nov 2021 - Valuation complete (I found out via a call to ea 29th Nov, broker was not informed at all).

I called our broker who still has no update on our application, however after calling HSBC on the 29th he was able to confirm the valuation was as per the sale price.

HSBC service levels for w/c 29th Nov now state 10 working days, so we hope for intial feedback by the end of this week!

Good luck everyone 

My application seems to be the opposite way round to yours. My mortgage has been approved based on the offer price but I'm now waiting on the valuation coming back.  

Yes I thought it was strange too as I've seen a few people have 'approval subject to valuation'. Even more odd as HSBC must incur a cost to carry out a valuation and are yet to decide whether they'll fund our mortgage. Good news for now however.