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HSBC vs Halifax for mortgage?!(11 Posts)
Ok I'm a first time buyer with a 15% mortgage on a £190k property.
I was going to go with Halifax 5yrs fixed at 2.54% Then I found HSBC had a better deal fixed at 5yrs for 2.19%. So whilst away I went via a mortgage broker and Jose HSBC. This was 4 weeks ago.
So far HSBC have continually come back asking for more and more documents: I gave the entire list required before. Some they've requested are the same as before. Some new. Each time I the. Have to wait 4 working days.
I'm still 5 weeks on with no offer! Therefore no valuation both my solicitor and the estate agent chasing me!
I spoke to mortgage broker today and she says she will try and get an update. I also spoke with HSBC who could advise me but suggested that I wait a bit longer and see.
I then also went into Halifax who I bank with and they offered me an appointment tomorrow to sort the mortgage and an offer by end of week, as well as a much lower mortgage fee and a £1000 cash back incentive.
Now do I wait and wait for HSBC and hope to secure the lower interest rate over 25yrs or go with Halifax who will be quick, seem much more efficient BUT it's a higher rate of 2.54/2.84% depending which one I choose.
I am a first time buyer and slightly stuck as to what to do.
Anyone who's used HSBC or Halifax mortgage wise and can advise. Thank you.
I've posted recently in my experience with the Halifax. They're dodgy bastards. If you value your privacy and your details not being discussed with other people then avoid. They even lie about it.
I have read online that HSBC are well known for being risk averse - wanting a specific type of customer and that's that.
By 15% mortgage, do you really mean you're borrowing only 15% of the value? Or 85 LTV. I think HSBC are Lerner on lower LTVs - but your broker should know that.
HSBC are fucking wankers. We had our previous mortgage with them no trouble, but when we were moving last year they were a pain in the backside. They agreed a mortgage in principle, we got our offer accepted, and then several weeks later HSBC said they would only fund 50% of the in principle mortgage! We were left £100k short with no mortgage arranged. It was a good thing the process was slow due to probate issues for our vendors' new house, as we managed to sort a new mortgage in time (with Halifax, incidentally, no problem so far).
HSBC could very easily have lost us the house. If they had not made us the offer in the first place it would have been fine, but they messed us about big time. We are planning to move all our accounts with them to another bank because they were so out of line.
Hmmm a few things that have been a nuisance to us using HSBC mortgages...
- everything takes ages... And ages...
- they're closing lots of branches so if you have a problem things get difficult. Plus if there is a branch & it's open on a Saturday - ie - useful for most people - there are often no counter staff.
- if you lose /forget phone banking password (just to speak to someone!) you need to go into a branch to reset it. See above point...
- so you call to try to make an appointment to see a person in branch- because, you know, you work and you don't want to lose a half day off of work to drive to the next biggest town to sit in the bank & wait.... on the off chance... but are prevented from doing so because you cannot make the appointment without your phone banking password
- if by now you're having a heart attack through increased stress levels, take some solace in some very good interest rates and often no repayment charges So a helpful silver lining...
Still put me off for life...
Just don't ever ever lose the darn password ;)
I hate HSBC they gave me a mortgage in principle. I made an offer on a house which was accepted and went to my meeting to finalise. I was told within 5 minutes they wouldn't be giving me a mortgage despite having large deposit, and being a customer with them for 20 years. A couple of months later I got a cold call asking would I like a mortgage with them. Unbelievable.
Zara - similar here in the sense, we rang for a decision in principle having both banked with them for 15+ years . . Started conversation saying would be (up to) £164,000k . . 50 mins later the actual offer was £67k!! Ridiculous when we had 80k deposit.
We've now sorted elsewhere and twice had to have contact for statements etc both times they've asked if was for a mortgage and my response was 'yes as you wouldn't give us a reasonable one'! They don't like the thought of loosing business but treat people like idiots!
A few weeks ago I got a mortgage in principle with Halifax my financial adviser is sorting the mortgage out from here, I've sent all my documents but I'm really worried about my partners bank statements as there are a few gambling transactions and at one point he went over his overdraft by £4 are these things which could decline my mortgage application, I've had an offer accepted on a house so I'm praying everything goes well, any advice would be much appreciated
This may be a little late, as you've probably sorted a mortgage out by now.
Just in case you haven't - usually lenders are more concerned with gambling transactions which may look like a problem, as in quite regular and possibly high amounts on a continuous basis.
Don't forget people put bets on the football for big games, boxing and The Grand National etc. I'm sure so long as it doesn't look like a massive problem you should be ok. Although inbetween hand, it would be a good idea for him to reign it in, so it really doesn't effect your future finances.
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