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HSBC taking forever to approve mortgage, after initial approval...

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  • HSBC taking forever to approve mortgage, after initial approval...


    We had an offer accepted on a house at the start of the year and had been assured by the vendors it would be a quick sale, but due to several problems caused by them splitting up (and then apparently getting back together), including us having to get another lender as they reduced then increased the purchase price after the initial survey was done, it has dragged on since then.

    It seemed everything was now fine, HSBC approved us for a mortgage and a survey was done by them which came back fine. We paid the deposit to our solicitors around a month ago and had hoped for completion at end of June. The vendors then asked to change this a few weeks before and so a date in July was agreed.

    However, the vendors had removed a chimney breast in the kitchen when they were renovating the property, and it only came to light when they sent in their info for exchange that they did not have the relevant building regulations in place. The surveyor had stated that the removal was fine 'as long as they have the relevant paperwork' but they did not state that they do not. The vendors have indemnity insurance, which had been taken out to placate a previous buyer (that sale fell through last year, for the same reason we have now discovered) but had not informed us at any stage they did not have the regulations and had told us that everything was above board and all the paperwork was in place.

    HSBC have now had this information for almost four weeks now and have still not made a decision as to whether this is acceptable. It had apparently gone back to the surveyor last week to check he feels it is still worth the same amount, I assume he did as we haven't heard otherwise, we have just been told it is back with the underwriters to make a decision. HSBC did say a decision would be made by end of day yesterday (Weds) but that came and went and it does not look like a decision has been made today either.

    The vendor is now threatening to pull out due to the delay (caused by him!) if it is not sorted by Monday. We haven't spoken to HSBC ourselves, it is all being dealt with by our solicitors.

    I was just wondering if anyone has experienced similar, and how long it took to come to a decision? Or if anyone knows of anything we can do, if we can contact HSBC ourselves etc? It is very frustrating as we moved out of our apartment in January when it sold and do not have another property lined up if this sale falls through. We are living with my parents as it was supposed to be such a quick sale, which isn't ideal, especially as we have a toddler!

    Sorry this is so long, didn't want to miss out any details.

  • #2
    HSBC declined my application after 2-months (!!!) procedures. So not only I stayed without a mortgage, but they also messed up my credit score. You can imagine how frustrated I was.
    I had no choice than going to a mortgage broker with access to the private lenders. After some research I came across New Start Financial (https://newstartfinancial.co.uk/ ) and Stuart Dibley. I am not sure what would happened if I didn't meet Stuart - my credit score was already not looking great. His private number is 01628 826 973. It's worth at least talking to him.



    • #3
      midgwit what happened with your offer - did the sale go through? It sounds incredibly frustrating. Was the survey organised by the lender, so you couldn't have access to their notes or thoughts yourself?