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HSBC mortgage advice

(20 Posts)
Nessalina Wed 21-Jun-17 22:45:56

Hi, we're looking at moving and I'm interested in applying for a mortgage with HSBC - has anyone done this recently and how was it for you?! I was wondering what supporting documentation they'll ask for, and what sort of thing they consider as a 'financial commitment'.
We have a fair few outgoings, but some of them we could do without for a few months if it helps to make us look a bit better on paper, I know that banks are generally a lot more strict on what they lend these days!
TIA smile

user1471530109 Wed 21-Jun-17 22:48:55

Don't do it!
Mine has finally been approved 12 weeks after initially applying. All their fault for delay. They've been so rude. Their customer service has been shocking.

And I've been aoyal customer for 25 years. Including a mortgage customer for 12.
If I knew I could have sorted a mortgage quicker 6 weeks ago. I would have told them to fuck off.

They have offered compensation but it's shit compared to the stress and phone calls I've made.

Nessalina Wed 21-Jun-17 23:00:54

Yeesh. That's not good shock I've just been doing a bit of MN searching and there's not much good said about them.
I've always shopped round for my own deals in the past but maybe a broker is they way to go. I basically need someone who knows what all the banks criteria are and who might approve us!

ZaraW Sat 24-Jun-17 19:41:23

They are awful. I got an agreement in principal and also had a 70% deposit. I made an offer on a property I loved. When I went into my branch to finalise they turned me down. Several months later I received a call from them asking if I wanted a mortgage.

Pixa Sat 24-Jun-17 19:46:58

Our branch was lovely. Mortgage was agreed in less than 24 hours. Couldn't have asked for a better service.

jelliebelly Sat 24-Jun-17 19:52:42

I gave up trying to remortgage with them 12 months ago - nice straightforward transaction took weeks of phone calls - gave up and went to Barclays online/phone they were great!

Gobbolinothewitchscat Sat 24-Jun-17 19:59:10

Ours was fine. We have a premier account and business banking via them too. So the same contact we have for that oversaw everything. What I liked about it is that they do all the underwriting first so it doesn't even get to a survey without you knowing that provisionally all is well

We had an email address and number for someone to call and it was all fine.

Our buyers arranged their mortgage via HSBC with a broker and it was pretty swift too

The rates are good so I think they are picky who they lend to so the underwriting can take a while but we were done and dusted in two weeks

gooseygander88 Sat 24-Jun-17 20:05:57

Only positive things to say here! We done it all over the phone, communicated be email, phone and post and was a quick process sorted within 8 weeks maybe less?? We scanned through information needed for the call in advance but they tell you what they need and then the call last an hour - 1.5 hours or so! The mortgage advisor was brilliant with us! Even when setting up our first mortgage with the a fair time back they were great too (even if bank then they tried to sell us the usual life insurance etc - we went else where and this soon shuts them up)!

PlugUgly1980 Sat 24-Jun-17 20:13:00

Don't do it! We saw a broker who said they were picky and would want to analyse our bank statements line by line. We had a large deposit and don't need to borrow anywhere near as much as the Decision in Principle they gave us. However, as they were coming up as the best rate, I told the Broker we'd be in touch, and I applied directly (bank with them), and they declined our application out right! In contrast, based on exactly the same info Halifax gave us an a full mortgage offer in 3 days. I've heard other people have similar problems. Whilst they're offering very competitive rates at the minute they are bring very stringent with the application of their affordability criteria.

MrsMoastyToasty Sat 24-Jun-17 20:17:56

Don't do it. HSBC will only sell you HSBC products. An independent financial adviser will have access to the whole market and could get you a better deal.

redannie118 Sat 24-Jun-17 20:25:06

HSBC almost cost us our dream house. We got a agreement in principle , had been good customers for years and the staff member said it would go through with no issues. We put a sealed bid in a silent auction for our dream house and when we won we were overjoyed. Went in for app with the mortage advisor and we were turned down-even she didnt know why !! Only managed to hold onto our purchase as a mortage broker found a deal with Halifax who were amazing and very cheap !! Ive since heard on the grape vine HSBC turn down over 80 percent of mortage apps and even the staff dont know why

Nessalina Sat 24-Jun-17 21:08:44

I got in touch with London and Country who have given us a decision in principle, and the adviser I spoke to said he does place many people with HSBC because they are VERY particular. He seemed very confident he could find us a rate close to what HSBC are offering, and to be honest we'd go for a sure thing and avoid disappointment!

mintbiscuit Sat 24-Jun-17 21:14:01

Getting a broker was best money we ever spent. Got us a way better deal elsewhere (and we were First Direct customers).

Nessalina Sun 25-Jun-17 06:55:52

Should have been 'doesn't place' blush

bouncydog Sun 25-Jun-17 09:09:52

We've been with HSBC for years and they were fantastic. But a recent mortgage application with them was an awful process due to the individual who I saw initially. He was a nasty little man clearly with a huge chip on his shoulder and took 3 hours (!) to go through the information requests. Failure to respond to emails etc. I eventually went into the branch and saw somebody else who was brilliant.

They do want a huge amount of information - payslips, copies of credit card statements, any other accounts held with other banks etc. etc. Full details of all outgoings - you have to explain every item on a statement if it's not self explanatory.

Then it was all approved within 24 hours of giving the last bit of proof!

Nessalina Sun 25-Jun-17 21:20:11

Yeah, I really don't want that level of scrutiny  If you look at our account over the last six months it will look like we can't afford the mortgage we're after, but I know we can because a) DS gets his free hours in Jan which will save us £400 per month, and b) we have had a windfall that will happily cover any temporary shortfall in payments (inheritance from my Granny).
The broker was saying that lots of mortgage companies ignore nursery fees in affordability because they know it's a temporary outgoing 4yrs at most in most cases, but HSBC is not one of them 

user1497212915 Wed 28-Jun-17 09:05:27

We're with first direct and they are absolutely brilliant. Couldn't recommend them highly enough!

Normandy144 Thu 29-Jun-17 22:50:46

HSBC almost cost us our house purchase. We got a decision in principle and put an offer in on our house. We went through the application over the phone and right at the end they accepted us but could only offer us a mortgage which was £40k short of their original decision in principle. They were surprised when I queried the difference and highlighted what a shortfall it was (I could maybe have begged £4K from somewhere, but £40k!!!), and just suggested we would need to go away and increase our deposit....??!! Oh ok then, I'll just dig up that forgotten £40k I was holding back buried in the garden.

EssentialHummus Thu 29-Jun-17 22:56:00

I've found them to have the strictest lending criteria, and I'm a current customer with a "premium" account. Ended up with Halifax for one mortgage and Skipton for another.

legolammb Sun 02-Jul-17 19:27:34

Another one who would advise you to avoid them like the plague. We remortgaged after fixed term deal finished this year and went over the HSBC and it was such a mistake - they took months. Weeks of phoning them up trying to find out what was going on, they constantly locked me out of my account for security reasons, I ended up in tears in the branch I was so frustrated by them. Also they send 2 sets of correspondence - 1 for DP and one for me which is a pain. Really miss Skipton who were just lovely and straightforward to deal with and all UK call centres so no waiting for ages to get through to the right dept.

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