Anyone else getting a mortgage with HSBC? Agh!

[Root99]

I don't post very often but I'm interested to know if there are any other HSBC mortgage frustrated mumsnetters out there?

We haven't had an awful problem with the solicitors assigned to us through Countrywide (the conveyancing panel that HSBC insist you go through) and they seem to have been relatively efficient. In fact we were quite pleased with the progress until a couple of weeks ago.

We were told that our vendors needed to provide indemnity insurance for a wall they'd taken out around 20 years previous. Our vendors were fine with that and put the necessary insurance in place. It went to our solicitors and then on to HSBC to approve. That's where the fun has started. They've had the paperwork for over two weeks now and although I keep being promised that it is nearly processed when I ring up the mortgage department or contact our HSBC mortgage advisor there's no sign of it.

So so frustrating! I'd hoped to be exchanged by now. We're FTBs and there's no onward chain. I'm 30 weeks pregnant and would like to be in at least a month before baby comes.

And tonight I made myself really depressed by reading a review site about HSBC mortgages. Don't touch with a barge pole seems to be the advice!

Got ours sorted a few weeks ago. But took them ages to confirm that they would actually give us a mortgage (in fact we exchanged contracts without confirmation it took them so long). But the rate was excellent so hopefully will be worth the effort.

We recently had to increase our mortgage. Had been with Barclays for years, but they faffed and generally failed in so many ways, we gave up and switched the whole lot to First Direct. They were completely fab, v easy to deal with and v quick.

HSBC no longer to do this - see article:

www.ft.com/cms/s/0/32f39274-9f3c-11e1-a255-00144feabdc0.html#axzz1zA4hwBxa

Are you using your own solicitor, and then having everything go through one of HSBC's solicitors? Or are you solely using the countrywide conveyancing solicitor assigned to you? I thought doing the latter would negate the need for HSBC to be involved in issues like yours, but perhaps not?

Countrywide said we could choose which of their panel we use and the one we want (Blacks in Leeds, who have a good reputation locally) has 'capacity' and are actually £500 cheaper going through HSBC than they are going direct.

vivandtom unfortunately this change doesn't take effect until August - I spoke to HSBC yesterday to ask if we could use our own solicitor (who meets their new criteria) given that we were not likely to exchange on a property until August, but they said if you 'instruct' before August, you have to go through the current procedure.

We had some similar delays with First Direct who are related to HSBC, we had to keep phoning them and asking for a manager. We eventually got a specific persons name who confirmed they had it on their desk and would deal with it that morning.

Not with HSBC but our buyers were, and you have all my sympathy. They delayed our exchange by almost two months with endless queries that the original conveyancers hadn't raised, indemnities for nonsense, and delays in reviewing paperwork.

I've been with HSBC and First Direct and never had these issues with either.

But if you've already got a sense of crapness about them - then if you can get a mortgage elsewhere - go for it.

These things only fester otherwise and a mortgage is a long relationship.

Oh no; we are with HSBC and we want to port our mortgage to the new house. Does anyone know if you have to use these panels if you are porting a mortgage as well as if it's a new mortgage? I don't want to change companies - we have a lifetime tracker on an excellent rate.

Rhubarb, yes you do I'm afraid (we're in that situation too) - HSBC needs to be satisfied that your new property is safe for them to continue lending on...

But only til August, then you can use any solicitor who has the conveyancing quality mark (which most decent solicitors have).

Nightmare. Thanks for the heads up.

Arranging our new mortgage through HSBC , just received the paperwork to fill out, so far all straight forward except for our general crapness at being able to find important payslips and bank statements! Our current mortgage is with 1st Direct but even though same bank they don't communicate with each other!

notsomanicnow - yes we're solely using the countrywide solicitors assigned to us so you'd think there wouldn't be a problem. To be fair they have been good - apart from posting every little thing, rather than emailing.

I spoke to our solicitors again today and they have sent HSBC a fax asking them to respond urgently and they say they'll chase them again on monday. They did tell me that the way the HSBC mortgages work at the moment is on a backlog basis (so encouraging!).

It's just so frustrating! But maybe that's buying a house for you!

After using one of these web outfits when we bought our first house, I wouldn't touch them with a barge pole again. It's not one assigned by HSBC, but you don't feel like you are talking to a real person that looks after your case at all.

Rhubarb, what I suggest you do is take a look at this top secret (took me lots of googling to find it!) list of panel solicitors and research to identify a few you would be happy to use. Then, when you are ready to proceed, call countrywide conveyancing (their number is on the HSBC mortgage website, or HSBC mortgages will put you through) and ask about availability of your preferred solicitor (if you don't they will just allocate you one without any reference to your location/preference). They told me lots of the ones in the south east had no capacity. As mentioned earlier, a very highly regarded local solicitor is on the list and the price they quoted me direct was £500 more than the price I'd have to pay via HSBC, so it's not all bad news. Going through countrywide conveyancing is also 'no sale, no fee', which is a bonus.

www.surreylawsociety.org.uk/documents/document_library/20731HSBC_Panel_Firms.pdf

Root99 - urgh, so that is the situation we'll be in too then (and presumably anyone who uses HSBC after the August too). I guess their mortgage department must be very busy as they do offer good rates.

Hope it all speeds up for you!

Thanks Manic, brilliant tip!