HSBC Application time and expectations - Decision obtained ??

machiavellie

Hi there.

Can see lots of posts about other lenders but none about HSBC.

Was just interested in hearing people's experiences applying with HSBC?

Here is my current timeline:

DIP - 30 May
Full application - 30 May
Hard Credit Check - 30 May
Additional documentation request - 31 May
Provided additional documents - 1 June

My application has been stuck on 'Decision obtained' pretty much since the hard checks - but i've not had any further communication with them. How can they make a decision before I had submitted my documents?

K_S

@machiavellie They don't appear to be particularly busy at present, I did a vanilla PAYE app last week that flew through. It also helps that their desktop val amount comes up during the application so it's possible to avoid a valuation delay if the numbers still add up based on that.

Mainstream vanilla apps are highly automated and a lot of applications are simply 'processed' rather than underwritten. The 'decision obtained' probably refers to the fact that you've passed a DIP and that the application details add up. All that's remaining is for an underwriter (or a processor) to verify the docs (and any other evidence requested) to the app info. I hope that makes sense!

machiavellie said:

Hi there.

Can see lots of posts about other lenders but none about HSBC.

Was just interested in hearing people's experiences applying with HSBC?

Here is my current timeline:

DIP - 30 May
Full application - 30 May
Hard Credit Check - 30 May
Additional documentation request - 31 May
Provided additional documents - 1 June

My application has been stuck on 'Decision obtained' pretty much since the hard checks - but i've not had any further communication with them. How can they make a decision before I had submitted my documents?

machiavellie

That makes perfect sense thanks!

They did seem to be moving fairly quickly compared to others, and i just managed to get my application in before they withdrew the lower rates for 90% LTVs so was wondering if that was holding it up too.

I was just confused as to how they had seemingly made a decision but I hadn't heard anything.

Compo23

From my experience it's only "Ready for offer" that you know it's ok (subject to any valuation etc.). They wouldn't give me 100% confirmation on 2nd March but said "everything seems fine" so I guess it's "ready for offer" you're looking for


This was my timeline - the "decision" is just the DIP result as far as I know.

I got "application under review" but probably because I was coming from part ownership to 100% (they wanted to review my old lease etc to make sure it was allowed)

23 Mar - Mortgage offer created

23 Mar - Ready for offer

23 Mar - Manual referral

23 Mar - Manual referral

21 Mar - Decision obtained

21 Mar - Agreed to full credit check

21 Mar - Updated your details

01 Mar - Ready for offer (big delay to 21st was waiting for physical valuations)

25 Feb - Application under review

25 Feb - Decision obtained

25 Feb - Agreed to full credit check

24 Feb - Started your application

"application under review" may be due to staircasing (if I'd have been a vanilla remo it may not have triggered??).

This was last year when they were crazy busy.

On the day before completion I had the below (I was on the phone chasing it and checking online banking as they were escalating it, as timescale was very tight)

Progressing offer

then 2 x manual referrals (not showing anymore)

then
Pre-drawdown status completed

then
Mortgage funds released

Compo23

Also (can't find an edit button?) - they text me at 8am exactly on the day of offer (pretty sure it was offered in the middle of the night, as that's when I got email questions through once) - assume it was offshore underwriting

So hopefully you'll get a text when it's sorted

machiavellie

Thanks Compo23 for replying with your timeline!

If anyone else is curious / waiting I got a text yesterday (3rd June) telling me my application has progressed to underwriting. My application shows it was last edited on the 3rd but the status hasn't updated from Decision Obtained, so I guess I'll just have to wait and hope it passes underwriting!

machiavellie

Still no update from HSBC about underwriting Does anyone know how long this usually takes or expected times for HSBC?

K_S

@Machiavellie See latest service levels here for broker apps. Please note that these are averages and not a target or guide.
https://intermediaries.hsbc.co.uk/our-latest-service-levels/

machiavellie

I'm not sure what part of the process I'm in to be honest.

I submitted 30th, submitted documents 31st, sent to underwriters on the 3rd. I guess i'm over the average regardless if it's assessing documents or reviewing application forms  

machiavellie

Also thanks for sharing!

Aberdeenangarse

HSBC have just pulled all their mortgages, relaunching Monday.

https://www.telegraph.co.uk/personal-banking/mortgages/hsbc-pulls-all-mortgages-borrowers-rush-beat-rising-rates/