Completion Time on HSBC Mortgages?

aliwali

Hi

Anyone out there have any experience of dealing with HSBC recently. We have applied for the base rate tracker mortgage and I phone yesterday to check progress and they said we should hear in 11 working days. Any ideas if that is just for the decision or for the completion.

We are getting a little worried as we also had a letter from C&G saying our fixed rate ends 1st June and the new rate is 7%, an extra £150 per month!!!

What I want to know is how long has it taken others to complete on a remortgage with HSBC.

Thanks
Alison

sophieroebuck87

approx 6-8 weeks are the timescales we are looking at from application to drawdown of funds.We are very busy at the moment!

Thanks

3stripe

I was told 6-8 weeks also, which means I might miss my 30 June end date and have to pay something crazy like 7.5% interest for a month.

My own fault, next time I will leave way more time to get things sorted.

Reds-on-Sea

Hi, I exchanged in 4 weeks, completing this friday which makes a total of 5 weeks.

I already had an AIP from Abbey, so made an offer on a property.

April 1st - I had my offer accepted on a house
April 6th - phoned HSBC to apply for a base rate tracker, as better than Abbeys,
April 11th - mortgage form arrived (after chasing on the phone - was expecting it on April 8th!) Filled it out, sent it back special delivery (guaranteed next day)
April 14th Application arrived

By this point, HSBC had just advertised their Ratematcher scheme, so suddenly they were inundated......grrr...

*phoned several times asking when my application would be allocated to a person*

April 25th - Application was allocated - i.e. they started looking at it!
April 30th Valuation survey was done
April 9th Exchanged contracts
April 16th Complete

so...bearing in mind my application arrived right amidst the ratematcher rush, I think they've done pretty well. I have chased them up on a near daily basis. As soon as I started mentioning "deadlines" and "difficult vendors" etc, they really stepped up their act.

I'm pleased - as long as I get to complete on Fri all good

Reds-on-Sea

p.s I am 1st time buyer, not remortgaging btw, but I imagine it's similar timescale?