HSBC Application time and expectations - Decision obtained ??

machiavellie

Aberdeenangarse said:

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/

My application is already in before the rates changed so that shouldn’t affect it, but might explain why they’re taking so long if they have so many to get through 

K_S

Just so the OP doesn't panic this is only referring to new applications. Any full application that has been submitted by today evening, the applied-for product/rate is secured subject to a full mortgage offer.

Aberdeenangarse said:

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/

machiavellie

K_S said:

Just so the OP doesn't panic this is only referring to new applications. Any full application that has been submitted by today evening, the applied-for product/rate is secured subject to a full mortgage offer.

Aberdeenangarse said:

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/

Thank goodness 😂 I was admittedly worried.

fingers crossed I get a positive result soon so I can avoid all these new rates 

KSS1991

Anyone got their mortgage withdrawn??

We have gone through the process with HSBC twice:

1st house in Jan 2023 - DIP to mortgage offer took exactly 7 days (including physical house valuation) - sale feel through though.
2nd (current house) - May 2023 DIP to offer took 21days (3 weeks) - we are due to complete end of this month. The broker just said HSBC won't withdraw the offers that are already approved. I hope this it true!!

machiavellie

I used the live chat yesterday to speak to someone just incase and they confirmed that it only affects new applications!

wow 23 days ! Was there a reason for the hold up? I need to be more patient really as I’m on day 10 and stressed about it 😂

K_S

@KSS1991 That is correct. HSBC (or for that matter any other mainstream lender) is not going to withdraw any mortgage offers due to the ongoing hike in funding costs.

Not just that, once a full application has been submitted, at that point your product/rate is secured, subject to underwriting. Nothing to worry about.

Despite the scare stories in the papers at the time, even when average mortgage rates went up from 2% to 4%+ inside of a few months, I don't know of a single credible case of a mainstream lender cancelling a mortgage offer that was at the old rates, or refusing to honour a product/rate that was secured with a full application.

KSS1991 said:

Anyone got their mortgage withdrawn??

We have gone through the process with HSBC twice:

1st house in Jan 2023 - DIP to mortgage offer took exactly 7 days (including physical house valuation) - sale feel through though.
2nd (current house) - May 2023 DIP to offer took 21days (3 weeks) - we are due to complete end of this month. The broker just said HSBC won't withdraw the offers that are already approved. I hope this it true!!

KSS1991

machiavellie said:

I used the live chat yesterday to speak to someone just incase and they confirmed that it only affects new applications!

wow 23 days ! Was there a reason for the hold up? I need to be more patient really as I’m on day 10 and stressed about it 😂

It was the longest 3 weeks in my life lol They took ages to arrange the valuation and then all the bank holidays in May did not help I was thinking the second time round they would be quicker as none of our personal/financial details changed (just the house) but yeah it took them 3 times longer. God this whole process is awful. I will never move again

KSS1991

K_S said:

@KSS1991 That is correct. HSBC (or for that matter any other mainstream lender) is not going to withdraw any mortgage offers due to the ongoing hike in funding costs.

Not just that, once a full application has been submitted, at that point your product/rate is secured, subject to underwriting. Nothing to worry about.

Despite the scare stories in the papers at the time, even when average mortgage rates went up from 2% to 4%+ inside of a few months, I don't know of a single credible case of a mainstream lender cancelling a mortgage offer that was at the old rates, or refusing to honour a product/rate that was secured with a full application.

KSS1991 said:

Anyone got their mortgage withdrawn??

We have gone through the process with HSBC twice:

1st house in Jan 2023 - DIP to mortgage offer took exactly 7 days (including physical house valuation) - sale feel through though.
2nd (current house) - May 2023 DIP to offer took 21days (3 weeks) - we are due to complete end of this month. The broker just said HSBC won't withdraw the offers that are already approved. I hope this it true!!

Thank you so much! Great to have the expert on here  

machiavellie

So for anyone who might see this and is applying for HSBC. I’m currently on day 11.

I rang today (Saturday 10 June) because I was told I would have an update by end of the week (Friday 9) but heard nothing.

I was told it’s on my file that I will get a call from the underwriter on Monday, there’s no one in office today to speak to.

Apparently the valuation was completed ages ago and uploaded to their system but they never told me about it, so I didn’t know they had even done one let alone how it went, person on the phone couldn’t tell me the outcome of it either.

I’m feeling nervous because they seem to be taking a long time and if the valuation was done ages ago and I wasn’t told about it / or the outcome then I’m nervous that something with me is holding them back from making an offer

machiavellie

Final update from me !! They issued me a mortgage offer today thank goodness! See below my full timeline of events for those thinking of applying with HSBC.

My mortgage broker at the time (Habito) found me mortgage results, HSBC was the best one however it wasn't the one they were recommending. When I queried it, the broker told me it's because HSBC had contacted them that day to tell them they were pulling the offers 'soon' and application couldnt be made in time. Decided to forget the mortgage broker and just apply directly to HSBC myself (without a HSBC mortgage adviser as I'd have to book and I wanted to get my application in before the end of the day - turns out HSBC put up all their rates the next day so it's a good thing I did!)

• 30 May - Decision in Principle Obtained and submitted full application

• 30 May - Hard Credit Check + an additional soft credit check

• 31 May - Additional documentation request

• 1 June - Supplied additional documents

• 3 June - 2 soft credit checks

• 3 June - Application progressed to underwriting

• 12 June - Mortgage offer received 

At some point in this process they did a valuation survey which was done via desktop but I have no idea when this was done. I have my own survey booked for next week so fingers crossed that comes back all good and I can progress fairly smoothly!