Mortgage: which one: Halifax vs HSBC(12 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.
HSBC make you sign a mortgage deed meaning any other debt you have with them (credit card, loan which they underwrite, etc.) can be added to your mortgage and they can force you to sell if you default on the other debt. You can avoid this risk by never taking out any other form of credit with them. Worth bearing in mind.
HSBC messed us around something awful nearly causing us to lose our dream house. Same scenario ,constant delays and asking for more forms,then at the very last minute turned us down as 6 years ago we had gone 15 pounds overy our agreed overdraft limit !! Horrific customer service they should have told us this when we applied for initial offer 2 months previously. Halifax agreed us in 2 hours and meant we got our house. The customer service we have had through them is fantastic, can't recommend them enough
We are with Halifax and found a cheaper deal with HSBC.
They did a phone call interview that got as far as my dob, but had it wrong and couldn't continue.
Next appointment was a branch and she was sat in her office calling me at home for a phone interview.
Was left in reception for ages and other mortgage reps kept saying she was busy, running late etc, when she was sat in office twiddling her thumbs.
Left doesn't know what right is doing at HSBC I'd not trust thm again and stayed with Halifax.
Wish I'd not read this - have a phone appt with hsbc tomorrow for our new house
I went with Halifax because the deal I was offered was acceptable and I bank with them anyway, it was smooth and quick. You've got a much nicer rate than I did though, I'd go for it!
I'm not too keen on either one of those companies. I wished we'd gone with the Coventry Building Society, a company local to me but still. Are these rates any better?
This is my reply on your other thread
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.
You will be fine if they took down your details correctly, if they didn't they are not allowed to continue the call.
I thought there was something wrong as he sounded quite harsh as he said he would have to terminate the call, wasn't allowed to go further and only after a few moments said dob wasn't right.
I heard they did this if you were a fraud, had bad credit, bankrupt etc, so I panicked to begin with.
After them messing me about for a second time I lost faith tbh, but they might be fine with you, other branches may be different.
Halifax has been straight forward for us - 15% deposit, have followed through on mortgage in principle to offer and now completion. Approached HSBC and just were stupid on every level.
HSBC have become very difficult to deal with in recent years. I'd had mortgages with them over about ten years, for my first two houses. They were brilliant and very easy to deal with. When we came to move 18 months ago they were a bloody nightmare. We were only looking for about a 30% mortgage which was less than 1x our combined salary so we're not exactly stretching ourselves and I had never been late with a payment or anything in ten years. We almost lost our house due to their dithering and delays. In exasperation we ended up using a broker for the first time ever who found us a mortgage within a few days. HSBC had been dicking us about for weeks. I know mortgage criteria have been tightened up but this really shouldn't have been a tough call for them.
Thanks all. I've decided to go with Halifax (which I wish I'd done weeks ago!!!) and have an appointment tomorrow. I bank with them and they've always been great!!
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