HSBC

AAli2

Hi everyone,

im a first time buyer, got an AIP with Santander and when I had found a flat they increased the deposit requirement from 10% to 25%! . . We then went to HSBC who we got an AIP with a 15% deposit. It’s been over 2 weeks it’s been with the underwriter and I am panicking a bit. I am self employed working through an umbrella company so understand my situation is slightly complex. I’ve been in the same role for 18months with steady income. Just worried and don’t know what to expect. Has anyone been a contractor via umbrella company and had a similar experience? Is it a good sign it’s taking longer? Are hsbc really busy? 😤😕

K_S

@aali2 2 weeks is not very long for an SE application.

Does the umbrella company withhold taxes, issue a payslip and then you do a self assessment annually to put through expenses etc and get a tax refund?

AAli2

@K_S How long does this type of application usually take? HSBC said they would have had an update early this week and have now said by the end of the week. But don’t have much confidence in their timescales as they said they would have an update last week too. My broker tells me it’s because their turnaround times have increased
I am employed inside ir35 so my umbrella company does my taxes for me. I have provided a p60 for the past 2 years to HSBC as well. So hoping they have all the info. 

Nikkihud0609

AAli2 said:

Hi everyone,

im a first time buyer, got an AIP with Santander and when I had found a flat they increased the deposit requirement from 10% to 25%! . . We then went to HSBC who we got an AIP with a 15% deposit. It’s been over 2 weeks it’s been with the underwriter and I am panicking a bit. I am self employed working through an umbrella company so understand my situation is slightly complex. I’ve been in the same role for 18months with steady income. Just worried and don’t know what to expect. Has anyone been a contractor via umbrella company and had a similar experience? Is it a good sign it’s taking longer? Are hsbc really busy? 😤😕

Took HSBC 3.5 weeks to come back with an offer from submission of application. Have they asked you for anything like supporting docs? We were asked for a bank statement and pay slips and proof of forces help to buy approval, from then it was 3.5 weeks although that was over Xmas. 

K_S

AAli2 said:

@K_S How long does this type of application usually take? HSBC said they would have had an update early this week and have now said by the end of the week. But don’t have much confidence in their timescales as they said they would have an update last week too. My broker tells me it’s because their turnaround times have increased
I am employed inside ir35 so my umbrella company does my taxes for me. I have provided a p60 for the past 2 years to HSBC as well. So hoping they have all the info. 

@aali2 For what it's worth, these are their published average service levels https://intermediaries.hsbc.co.uk/our-latest-service-levels.html

Esme84uk

Have you spoken to someone and made sure it is actually with an underwriter? We applied 10/05, uploaded all docs 12/05, valuation 18/05. Chased 19/05 was advised it was 'stuck' in the workflow and they would manually pass through. Chased again 25/05, advised documents had been sent to a mortgage advisor in error, sent as urgent to underwriters. Got our offer at 8am this morning 

AAli2

Update: we have now been told the valuation has been signed off and there’s no issues there. But we still don’t have a decision!
Does anyone know if this indicates an approved offer? Or whether it’s too soon to judge the final decision ..

AAli2

@Esme84uk how long after your valuation did you get approved ?

AAli2

@Nikkihud0609 how long after your valuation did you get approved?

Esme84uk

AAli2 said:

@Esme84uk how long after your valuation did you get approved ?

They did the valuation 18/05, I rang 19/05 and was advised it had got 'stuck' in a workflow and they would manually pass it on. I then called again 25/05 as still nothing and was advised that our documents had been sent to a mortgage advisor in error and they would pass it over as urgent, we got the decision the next day at 8am. I think if it hadn't have been for the two errors it would have been within a couple of days.

The valuation doesn't mean anything in terms of approval, as ours wasn't even looked at by an underwriter until a week after the valuation had taken place. 

AAli2

@Esme84uk what a nightmare!! That would totally stress me out. Hoping we get our answer next week as this is what the broker has told us. Fingers crossed