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  • FIRST POST
    • Trigger82
    • By Trigger82 7th Aug 18, 2:31 PM
    • 7Posts
    • 1Thanks
    Trigger82
    HSBC Mortgage
    • #1
    • 7th Aug 18, 2:31 PM
    HSBC Mortgage 7th Aug 18 at 2:31 PM
    So, I have spoken to my mortgage broker this morning about my application with HSBC. He told me that everything was on course and that the only thing they were waiting on now was the valuation survey on the property we intend to buy. He said he canít foresee any problems coming from it. He said once the valuation survey is complete they will make the mortgage offer straight away because they have already signed off all documents??

    Can anyone enlighten me on what this means, my nerves are on a different level at the moment !!!129327;
Page 1
    • lhoney
    • By lhoney 7th Aug 18, 2:35 PM
    • 6 Posts
    • 0 Thanks
    lhoney
    • #2
    • 7th Aug 18, 2:35 PM
    • #2
    • 7th Aug 18, 2:35 PM
    It's just to make sure the amount you're paying for the property is reasonable, that's all.

    The only problem would be if you're paying significantly more for it than the current estimated value.
    • monz
    • By monz 7th Aug 18, 2:35 PM
    • 3,377 Posts
    • 11,221 Thanks
    monz
    • #3
    • 7th Aug 18, 2:35 PM
    • #3
    • 7th Aug 18, 2:35 PM
    Hey I just got my mortgage with HSBC. Everything is fine and standard. They just need the underwriter to sign it off and they normally have a backlog of it Do not worry I was in same boat as you X
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    car PCP - £1,108.94/£11,848.25 mum and dad £1,650/£4,000 mortgage - £83,055 o/s currently - paid £1,400.36 (£35.90 overpayment)
    • Trigger82
    • By Trigger82 7th Aug 18, 2:39 PM
    • 7 Posts
    • 1 Thanks
    Trigger82
    • #4
    • 7th Aug 18, 2:39 PM
    • #4
    • 7th Aug 18, 2:39 PM
    Ok thanks but what does he mean by saying !!!8220;they will make the mortgage offer straight away as they have already signed off all documents!!!8221;?
    • zx81
    • By zx81 7th Aug 18, 3:04 PM
    • 18,974 Posts
    • 20,213 Thanks
    zx81
    • #5
    • 7th Aug 18, 3:04 PM
    • #5
    • 7th Aug 18, 3:04 PM
    It means all the other documents have been signed off, so once the valuation is done (if successful), they will be able to make the mortgage offer.
    • Trigger82
    • By Trigger82 7th Aug 18, 4:39 PM
    • 7 Posts
    • 1 Thanks
    Trigger82
    • #6
    • 7th Aug 18, 4:39 PM
    • #6
    • 7th Aug 18, 4:39 PM
    My credit file has been searched numerous times by HSBC so does this now mean they are just waiting on the valuation report? I know I might sound daft but I!!!8217;m new to this....
    • cooltt
    • By cooltt 7th Aug 18, 9:16 PM
    • 604 Posts
    • 364 Thanks
    cooltt
    • #7
    • 7th Aug 18, 9:16 PM
    • #7
    • 7th Aug 18, 9:16 PM
    My credit file has been searched numerous times by HSBC so does this now mean they are just waiting on the valuation report? I know I might sound daft but I!!!8217;m new to this....
    Originally posted by Trigger82

    Yes they can search prior to, during and after the mortgage offer as many times as they see fit, it's in the T&C's which you signed with them when you applied.



    However I think you'll find the additional searches are id checks etc rather than a hard search, just don't apply for any credit until your sat in your new home.
    • Silvertown
    • By Silvertown 7th Aug 18, 10:31 PM
    • 2 Posts
    • 0 Thanks
    Silvertown
    • #8
    • 7th Aug 18, 10:31 PM
    • #8
    • 7th Aug 18, 10:31 PM
    Trigger82,


    Just to re-iterate what the others have correctly replied;



    What you have repeated from HSBC suggests they are OK with lending to you and have all the information they need from you, but they are awaiting the all clear from the surveyor.


    Additionally to replies below, suggesting HSBC need to check the value, they will also want to hear from the Surveyor that the property you are purchasing meets their lending criteria. Lenders - not just HSBC - have various criteria of what is suitable security. For example, certain types of construction are not allowed, such as certain local authority high rises, constructed with pre-cast concrete. Or, more traditionally, some lenders specify they will not lend on leasehold properties (Flats) where there is insufficient evidence of sales in the block... These are rare, on the whole, so no need to stress until you get your valuation result back.


    Also, note, if the valuation is being done by one of the big surveying companies (Countrywide, ESurv, Colleys etc) then HSBC should have the result within 24-48hrs from the inspection.


    Regards
    • Trigger82
    • By Trigger82 8th Aug 18, 9:19 AM
    • 7 Posts
    • 1 Thanks
    Trigger82
    • #9
    • 8th Aug 18, 9:19 AM
    • #9
    • 8th Aug 18, 9:19 AM
    Thank you all, I really appreciate you taking the time to help inform me. I have heard this morning that the valuation is being done by country wide and is happening on the 23rd.
    • monz
    • By monz 8th Aug 18, 2:38 PM
    • 3,377 Posts
    • 11,221 Thanks
    monz
    good luck! Also if it a concrete build they will want you to make more a deposit, this happened to me. I had to make an additional £8,000 deposit x
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    car PCP - £1,108.94/£11,848.25 mum and dad £1,650/£4,000 mortgage - £83,055 o/s currently - paid £1,400.36 (£35.90 overpayment)
    • Trigger82
    • By Trigger82 27th Aug 18, 4:18 PM
    • 7 Posts
    • 1 Thanks
    Trigger82
    So the survey was completed on the 23/08/2018 in the morning. By 14:00 that afternoon we had the mortgage offer and then the following day the solicitors confirmed they had also had it.
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