Anyone applied for a HSBC Mortgage recently

BonBons2021

We submitted a full mortgage app with them on the evening of 21st Feb - so just over 3 wks ago, after receiving DIP, all via a broker, we have a Ltd company so was always going to go to underwriters despite good LTV etc.


1 week in Broker said all good and to expect certificate/loan papers in next 3 days. Then all of a sudden things changed, our ID wasn't clear enough (it was) no worries re submitted same day then days went by and were ask to submit a balance sheet - even tho they had tax computations and our full accs, then another few days went by and they wanted a P&L. All fine but odd as the information in those they already had via first two docs, they didn't show anything more - eveyone seemed confussed as to what they thought they would add/show - underwriter not forthcoming. But again no worries - our accountant has been brill and we had the docs to HSBC within 24 hrs of asking (within hours for the P&L). 

This was a week ago now and still no loan papers. Our vendors are rightly getting twitchy - as are we, completetion set for 18th April and we have to give a months notice on rental. So we either brave asking to put it back or it costs us. 

I don't think we have any choice but to stick with current completion as vendors depserate to sell and are getting testy - I think they may pull out. But our rent is nearly 2k a month! 

I don't understand why it was fine and then wasn't. 

Our sol chased broker last Weds morning just gone and he said it was 'agreed' but was going through final checks and we should hopefully hear in next 3 working days - but nothing more as of end of day yesterday 

We're in Scotland btw and the valuation was done two full weeks ago now - didn't hear it didn't so assume that went fine. House only a couple of years old and is on a new build estate.

Had a look online today and general ancedotal seems to 6-9 weeks if a HSBC app goes to go the underwriters and then there is a thread on Reddit that someone had recently posted at the 8 week mark having heard very little from HSBC  - seems they just ended up starting again with Santander and still hadn't heard anything from HSBC at neary 3 months 😓

I should add that we were buying another property 6 months ago and applied and we’re given a mortgage via the Halifax no problem took around 2 wks. It fell through due to some discrepancies over things which came back on searches 😞. So you can understand we’re a bit strung out.

Its worth noticing that on the soft checks HSBC weren’t bothered about some cc debt (small fry in grand scheme) but Halifax were and also HSBC were prepared to lend quite a bit more than the Halifax.

Also worth noting we have no bad credit and we aren't first time buyers, we have had 3 seperate mortgages since 2007 all with Nationwide.

confusedftb

Applied on the 22nd Feb and their process is absolutely killing me. 

We are not self employed, but they asking so many questions. Too much back and forth and also the application is with the underwriters. 

Don't know when will i get the offer

Hoenir

HSBC have long been the most conservative and picky of lenders. 

confusedftb

Hoenir said:

HSBC have long been the most conservative and picky of lenders. 

i fully understand you. the type of questions they are asking, unbelievable. 

to be honest, i am thinking that they will decline it because even after giving so much information, if they are asking for more, it seems that they are not getting comfortable. 

if they were comfortable, they would have issued the offer by now. 

Hoenir

confusedftb said:

Hoenir said:

HSBC have long been the most conservative and picky of lenders. 

i fully understand you. the type of questions they are asking, unbelievable. 

to be honest, i am thinking that they will decline it because even after giving so much information, if they are asking for more, it seems that they are not getting comfortable. 

if they were comfortable, they would have issued the offer by now. 

Underwriters aren't going to advance the lenders money until they are satisfied. Given the sums involved shouldn't come as any great surprise. Financial transactions relying heavily on trust between parties.