HSBC asking for bank statement after issuing offer

confusedftb

Hello All,

So after a wait of around 6/7 weeks and providing a lot of documentation to our lender HSBC. We finally got the offer on 9th April 2024.

But as our initial proposed property was sold to someone else because of the delays with application we had not option but to find another home within 6 months.

We did find another home, put in an offer and it is accepted. This house is cheaper than the first house so some savings there. 

Asked the mortgage broker to update the lender and change the property address on the offer. For which the broker said they will have to submit an 'amendment form'. The amendment form was submitted on the 16th April.

The lender has come back asking for 1 month of bank statement. This is worrying me because i am thinking why is the lending asking for bank statements when we are asking to change the property address and the fact that this new property is cheaper than the first one. 

Any one, any ideas or experiences? 

We are full time employed, no self-employment.

Thank you all. 

Hoenir

Is their something on the bank statement you don't wish them to see? 

confusedftb

Hoenir said:

Is their something on the bank statement you don't wish them to see? 

nope nothing. all clear and all was told in the breakdown of finances. nothing out of order.

just worried because we were really tired of supplying info and docs. and dont want that cycle to begin again. 

is hsbc planning to review or assess us again? the mortgage offer was issued 7 days ago. 

dont know what will happen now and because they have started asking for docs again, this is making me worried. 

Herzlos

They'll need to give you a new mortgage offer, which will require x many months of bank statements. You've presumably spilled into a new month which is why they are just asking for the latest one.

confusedftb

Herzlos said:

They'll need to give you a new mortgage offer, which will require x many months of bank statements. You've presumably spilled into a new month which is why they are just asking for the latest one.

at the moment they just asked for the latest bank statement of myself and my wife.

the bank statement does show more than the deposit we have said we will pay. it also shows the income we said we receive and any outgoings and etc. 

EssexHebridean

It’s common for a change of property to provoke further requests for information, and remember, you no longer have a valid offer as your offer was based on lending in a different property and purchase amount. A new offer will be being issued, and it may be as simple as HSBC wanting fully up to date information (you will have had to provide bank statements when you applied originally I assume? We certainly did)

Just noticed your comment about the statement you have provided showing the deposit amount though - you did realise that this is your current account to statement they will be wanting, yes? While “proof of funds” for the deposit may well be needed down the line, that is unlikely to be what the lender is asking for at the moment. 

confusedftb

EssexHebridean said:

It’s common for a change of property to provoke further requests for information, and remember, you no longer have a valid offer as your offer was based on lending in a different property and purchase amount. A new offer will be being issued, and it may be as simple as HSBC wanting fully up to date information (you will have had to provide bank statements when you applied originally I assume? We certainly did)

Just noticed your comment about the statement you have provided showing the deposit amount though - you did realise that this is your current account to statement they will be wanting, yes? While “proof of funds” for the deposit may well be needed down the line, that is unlikely to be what the lender is asking for at the moment. 

We were not asked for bank statements when we initially applied.

we provided payslips, p60s, employment contracts, explanation of our costs and etc. but not bank statements.

this is the first time they have asked for the bank statements.

any idea how long can they take to re-issue the offer on the new property? really do not want to lose this property  

theartfullodger

Pleased to see my bankers are bring prudent and doing a few extra checks.

Best wishes to all 

confusedftb

theartfullodger said:

Pleased to see my bankers are bring prudent snd doing a few extra checks.

Best wishes to all 

lol.

any ideas how long could that take and are they assessing the whole application again? its just been 9 days since the previous offer was issued. 

MattMattMattUK

confusedftb said:

theartfullodger said:

Pleased to see my bankers are bring prudent snd doing a few extra checks.

Best wishes to all 

lol.

any ideas how long could that take and are they assessing the whole application again? its just been 9 days since the previous offer was issued. 

How long it has been since the previous offer was issued is irrelevant, this is a new property. You need to speak to your broker, they will be able to tell you as they will know based on current processing times, random people on the internet will only be offering educated guesses at best. 

confusedftb

MattMattMattUK said:

confusedftb said:

theartfullodger said:

Pleased to see my bankers are bring prudent snd doing a few extra checks.

Best wishes to all 

lol.

any ideas how long could that take and are they assessing the whole application again? its just been 9 days since the previous offer was issued. 

How long it has been since the previous offer was issued is irrelevant, this is a new property. You need to speak to your broker, they will be able to tell you as they will know based on current processing times, random people on the internet will only be offering educated guesses at best. 

i agree.

but people can share their experiences maybe? would be good to know if someone went through the same thing and how long it took and what kinds of documents were requested.