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Fastest mortgage lenders. Anyone used tesco?

(21 Posts)
user1471530109 Sat 27-May-17 21:44:17

I've been really let down by HSBC for my mortgage on a new property. I'm an existing customer (both accounts and mortgage) and they've really delayed my application. It finally went through (over a longer term than I had applied for) but I'm really upset by their lack of customer service. I've now found out the valuation won't go through until June 13th! This is ridiculous. My buyers had their mortgage application and valuation done all within 5 days of each other. Mine will have taken over 7 weeks by then!

So. I'm thinking of seeing if another lender will be much quicker. My buyers were using nationwide but I think I've heard people on here have had problems? I'm a single mum and although I have a v good salary and no debt, I think this is going against me on strict affordability calculations when it goes to underwriters. Which I'm angry about as I have well over £1k per month left after bills, food and mortgage etc. This doesn't seem enough for bloody hsbc.

Any recommendations for a very fast lender? Preferably one that isn't going to then increase the term or decline? I've been looking a tesco but can't find much in way of information for the above questions.

Thanks for your time. I'm so stressed with this. The whole chain wants to move quickly and it's my mortgage application that is holding things up. Loyalty to my bank is costing me loads more than I wanted to and could now lose me my lovely new house sad.

ohidoliketobe Sat 27-May-17 21:49:19

We used principality building society for our house purchase earlier this year. Very very quick. Our buyer was cash and we were moving into an unoccupied house so we were the only bit of our chain who needed a (re)mortgage. From offer to completion was 5 weeks. This included a request of employment confirmation from my work because I was on maternity when we moved - my work took 2 weeks to reply to them! So I think it could have been quicker still. We had survey results within 3 weeks.

Attie17 Sat 27-May-17 21:50:27

We used Halifax, through a broker (London and Colney), for our mortgage last December. Application went in 12th of December and was fully approved, including valuation, by December 21st. So very quick! Hope you find a faster solution!

Emily7708 Sat 27-May-17 21:52:23

We had a Tesco mortgage last time and they are ridiculously slow. It's put me off using them again.

ohidoliketobe Sat 27-May-17 21:54:12

Also we used an independent financial advisor - loads easier. They dealt with all queries from the mortgage companies and it was no fee. If speed is important they'd be able to recommend the 'faster' lenders. Also sorted out new building and contents and adjusted our life insurance policies at the same time for cheaper than I could find on comparison websites.
We used a company who are based near where we live in Lancashire, but I know they deal nationwide. PM me if you want more info.

user1471530109 Sat 27-May-17 22:10:25

Thank you all. I've never used a broker. I've always been an hsbc customer. Never had a problem when married but since the divorce, both times have been ridiculously difficult. TBf, this has also coincided with the new rules etc.

So, do you think it's worth speaking to the financial advisor based in the estate agents? I did speak to her weeks ago but she couldn't beat hsbc rate. But of course, I'm not getting anywhere as good a deal as I thought now.

I want to take their offer of £250 compensation then pull out tell them to fuck off

adriennewillfly Sat 27-May-17 23:42:57

Halifax through a broker. Broker was free (the bank pay a commission). I've applied for three mortgages through the broker (all to Halifax), and each one was arranged pain-free and very quickly. I can send details of the broker if you like.

thecapitalsunited Sat 27-May-17 23:56:51

This is exactly why my broker advised not going through HSBC even though I bank with them and already have a mortgage through them. Their rates are the best on the market which means they can afford to be picky about who they lend to.

My broker has seen several chains scuppered by HSBCs slowness and recommended another lender even though it would cost us an extra £10-20 a month. We got an offer with Accord a week after application.

I'd recommend speaking to a broker (an independent, whole market one probably wouldn't suggest the estate agent ones) who can recommend which lender would best suit your circumstances. Bear in mind that this doesn't always mean the best rate and that because you've likely been credit checked by HSBC you might have a lower credit score than you would have had preapplication.

QuitMoaning Sun 28-May-17 00:02:01

Halifax were awesome with us.

MrsBungle Sun 28-May-17 00:07:15

Halifax here too. All went well with them.

user1471530109 Sun 28-May-17 09:25:00

thecapitals , that is what I'm worried about. Also, if I was declined by another lender or decided not to proceed, I'd then probably have another credit check by hsbc before finalising everything and they too might pull it.

I have heard Halifax are very quick. But when I've used their online calculator, all is fine (no credit cards or loans as have recently cleared everything) until I enter my pension contribution and they then won't lend me enough!

Does your broker have to be a local one? I am a bit clueless and I honestly didn't realise I was. I've been sorting stuff like this for years, but I can't stand the mess hsbc have made of this (the complaints officer was also very rude to me) and I want to go elsewhere on principle.

I also assume they look through my bank accounts etc when applying elsewhere. I've had lots of solicitors bills go out in one month (£1000 nearly ) and now worried this will look bad.

Apparently the surveyor can't for in the valuation until June 13th! Do most lenders use the same surveyors? Because my buyers had there's within days of their application being approved.

Ido appreciate everyone's help. Sounds like tesco is a no (their rate seems v good) as too slow. Halifax has lots of votes. Of those people who had theirs through Halifax, did the underwriters change the terms of the original application?

xandersmom2 Sun 28-May-17 09:42:04

We are working through a broker and when we initially met, the mortgage offers we were getting weren't great. Broker pointed out I was socking 700 quid a month into pensions and said this was affecting our affordability. At his suggestion I cancelled contributions into one pension and took my payroll contributions into my work pension right back (so I still get my employer's match but not much more). As if by magic, affordability was no longer a problem and mortgage offers jumped up.

You'd have to have one bank statement or payslip showing income without those pension payments going out, but for me it took effect immediately just based on the timing of change to pension and bank statement being issued.

I'm still putting the same amount aside for my pension but keeping it in my bank account. I'll make a lump sum contribution once my mortgage etc is all settled and I'm moved in!

thecapitalsunited Sun 28-May-17 09:42:30

You don't need to use a local broker. Mine was based hours away and we did all communication via email. My husband insisted we use him because he's been praised quite a bit on a forum he goes on and I've been really happy with the service.

I did have to provide bank statements but don't be under any illusions that HSBC don't go through your bank accounts because they absolutely do - I was phoned up by the underwriter about a large sum coming into my account well after the application was made and asked to explain what it was for. I guess they were making sure that my deposit was coming from the place I said it was coming from as they were happy enough with the explanation that I was getting married and it was from my parents for a dress. Having said that I don't think that money on solicitors bills would be looked at unfairly. I was arranging a wedding at the time and we had to pay the balance on our honeymoon while our application was going through.

It sounds like you so need a broker because of those pension contributions. Some lenders will consider them as fixed spending and some won't so it has an impact on how much they will lend.

If I were you though, I'd be tempted to sit tight until the 15th. There is absolutely no guarantee that you'd get a mortgage offer in more quickly and you avoid the risk of being declined because of the searches already done on your credit profile. Plus you'd need to find a lender that your solicitor can act for - not all solicitors are on all panels.

user1471530109 Sun 28-May-17 09:58:14

My solicitor is not on hsbc panel angry. But apparently this is because their (whatever it was called) had lapsed and they were renewing it. I've been told it will likely be sorted before I need it but if not will cost around £200. TBf, the solicitors have been fab. They've sent out contracts already despite all this mess. They were recommended to me.

So, you think I should stay put and let hsbc carry on? I have planned to massively over pay (they have increased term to 30 yrs from the 24 I had applied for) and will cost an arm and a leg extra over the whole term of the mortgage. I'm planning on never using them again when I renew. Now ive the advice about the pensions (it goes straight out of my salary. Im a teacher. Does that mean I can lower or suspend for say 3 months before applying, then increase after it goes through?).

They've offered me £250 compensation for what they say is a two week delay. My argument with them is that it is way more than just the delay and because of the delay I have no longer got a good option of elsewhere. The chain is under pressure from this and I don't want it to collapse. I've informed the financial ombardsman of my complaint. But hsbc don't seem too fussed by that which makes me wonder if it will be a waste of time and if I should just take the money?
It's been nearly 6 weeks since I had my offer accepted! This is so shit.

Thanks for letting me vent. Least when I was applying with useless H he could pretend to listen!

thecapitalsunited Sun 28-May-17 11:19:38

You need to check your pension scheme to see if reducing or removing your pension contributions would have an effect on your pension in the future. I know some public sector pensions are all or nothing and if you withdraw and start again you can end up being put on a new pension scheme with less favourable terms. Do not make changes to your pension without receiving independent financial advice.

It looks like you have bumped into one of the issues of applying directly rather than through a broker with that long term. We ended up with a shorter term than we'd asked for when we applied directly as they have to advise that you take the shortest term possible to minimise the interest you'll pay while keeping you within the affordability criteria. They don't want people coming back in years to come saying they've been missold loans they can't afford to pay. If you apply through a broker the broker deals with the financial advise so there is no come back on the bank.

I'm not a broker or any kind of expert but in your shoes I would try to ride it out with HSBC. You only have another 2 weeks to go - once the valuation is in the offer should come through pretty quickly providing they've already assessed your finances which it sounds like they have. How is your chain? Is everyone else ready and they are just waiting on your mortgage offer?

You may also find that renewal is much simpler - when my fixed term came to an end HSBC wrote and asked us to pick which product we wanted from ones that had been preapproved.

user1489844432 Sun 28-May-17 13:34:34

Used Santander in Jan. It took two weeks from submitting application to mortgage offer.

Debunked Mon 29-May-17 09:42:51

Tesco were ok for us on a remortgage but have been awful about getting consent for building an extension. Really slow, don't respond unless chased and a bit "computer says no". They're a small legal team, and have not been doing mortgages that long so anything out of the ordinary can hold things up. Strangely we've switched to HSBC and they've been great so far!

MissDuke Mon 29-May-17 09:54:54

I don't think you will get anything else any quicker at this point to be honest, especially if your situation isn't totally straightforward. We got ours sorted with Santander in less than two weeks but it was through a broker who said we were extremely straightforward as we were borrowing 50% of the value of the house. I would hold tight now you have come this far, will be worth it in the end flowers

Fourmagpies Mon 29-May-17 21:48:19

We've remortgaged recently with TSB who were super fast with the offer, it just took their solicitors (free legal fees) a stupidly long time to finalise everything. They were much easier to deal with than First Direct who we approached last year.

user1471530109 Tue 30-May-17 10:22:08

Thanks, everyone. It's been really helpful being able to just discuss this through with others.
I'm waiting back to hear from the complaints dept. Is it really worth pursuing it through the ombardsman? I'm wavering a bit after the weekend. Would you just take the £250?

Needmoresleep Tue 30-May-17 11:46:10

Sounds as if you have enough stress without pursuing a complaint.

I am another who can recommend L&C. Just phone up and in a phone call they can probably tell you who will lend and at what rate. I got an offer in principle within a day, filled in the forms promptly and the mortgage offer came through almost straight away. The mortgage they suggested appeared on Best Buy charts so I am confident I got a good deal, and they were able to suggest things like changing the deposit and mortgage term which got me a better rate. It was nice having someone to help who was equally keen to see the thing go through promptly.

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