After two months to make it past approval and underwriting, they changed their minds and withdrew the approval deciding not to offer a cash out option. For more information about reviews on ConsumerAffairs.com please visit our My wife and I had a horrible experience trying to get a mortgage through HSBC. The process started on July 9 and the harassment began. Limited on behalf of Which? Conforming fixed rate mortgages – 15-, 20-, 25-, and 30-year terms 4. At the same time they can carry on their other activities behind the back. It also offers a new "automated renewals" option to speed up the renewal process in branches and online. Financing for international borrowers and family assisted financing available. How do I know I can trust these reviews about HSBC Mortgage? The loan officer is nothing but a McDonald's 'What can I get you' person with absolutely no knowledge of loans whatsoever. Anyway. We’ll start sending you the news you need delivered straight to you. Jumbo fixed rate mortgages – 15-, 20-, 25-, and 30-year terms 2. HSBC is a banking and finance company that offers a variety of mortgage … Too much to explain all here, you’d have to look into my case but if I would of known about this service I would have gone elsewhere. To be honest, I’m not holding out but the customer care has been so poor for such a big corporation. If you have an account, you can make a deposit or withdrawal at … It’s happening now and could actually be resolved with some expedience. Which? Our HSBC mortgage review combines customer reviews with expert deal and rates analysis to reveal whether HSBC could be the best mortgage lender for you. finder.com’s rating: 3.8/ 5.0 Bad reviews make this lender a risky move. Conforming adjustable rate mortgage – 5/1, 7/1, and 10/1 terms- Minimum Down Payment:From 3% (fixed-rate) and … 5. HSBC offers support for financing homes, refinancing mortgages, equity assessment and more. I immediately sent the sale completion statement as evidence that the property in question was sold in June. Poorly communicated the status of missing documents, which were almost always positioned as last-minute emergencies instead of simple requests. How has the coronavirus affected house prices. A HSBC contractor mortgage is assessed under very minimal criteria; there are only two categories, “employed” or “self-employed”. coronavirus information hub. £5 for first month then £9.99/month unless cancelled, How much can I borrow: mortgage calculator, Scottish And Northern Irish Property Systems, How to apply for a mortgage payment holiday. Communicated only occurred when I reached out to the agent. Are they significantly worse than other mortgage providers? 1. (Data source: Moneyfacts.). See the latest mortgage deals on Which? Star ratings based on a June/July 2020 Which? By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. I am currently in the process of finalizing a mortgage with them and the overall experience has been horrific. HSBC is unresponsive, they refuse to answer questions and I can honestly say they are not only the worst mortgage company I've ever dealt with but the absolute worst company in general I have ever dealt with in my life. We use cookies to allow us and selected partners to improve your experience and our advertising. I have closed over 400 transactions for my clients and this was my first experience with HSBC and it was an absolute nightmare! DO NOT CHOOSE HSBC because of the low rate. 1. They reply back saying their decision is the same without giving any reasons. Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665, and is an Introducer Appointed Representative of Which? The bank was founded in 1865 and is currently headquartered in London, England. The mortgage application took 6 months to process due to the lack of correspondence and due diligence from HSBC. 2 weeks became 4 weeks. So imagine, for a person of 800 credit score, more than 400K annual income with stable job of 15 years, showing a million dollars in the bank in cash, still they could not approve the loan. A link has directed you to this review. If you earn less than £30,000, you can borrow up to 4.49 times your income. We sent all our experience and all these reviews to the VP of Mortgage copying all the other authorities. Consumers were satisfied with HSBC fixed rate mortgage in terms of customer service, value for the money and product features. Now coming into week 6 and poor communication, update, lack of acknowledgement of receipt of documents sent. HSBC's mortgages came with with a fixed period of either two or five years. However, some of the lender’s special loan offers are limited to specific geographic areas, which means property location may determine how well HSBC can accommodate borrowers. Financial Services Limited. ConsumerAffairs is not a government agency. HSBC is one of the UK's biggest mortgage lenders. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. It was a clear sign the loan officer did not review the original document package we sent over. I have applied for a mortgage Ref No. Its parent group also owns First Direct and M&S Bank. ** and initially told two weeks for a decision but I had to produce some more documentation as the upload payslips we not 100%. What criteria is a HSBC mortgage assessed under? This company is not yet accredited.See reviews below to learn more or submit your own review. Money Compare is a trading name of Which? Find out how HSBC fared in key areas such as customer service and value for money in our mortgage satisfaction surve As I said at the beginning, this is not after the fact. Overall Rating: 4.5 / 5 (Excellent) HSBC aims its mortgage refinance business at several niche markets. If I had the opportunity to start over I would stay clear of HSBC. You can understand more and change your cookies preferences here. Once I was transferred to her, she just hung up on me, and when I tried to call her back, none picked up the phone. We've been with HSBC for years and they were fantastic. Welcome to HSBC UK banking products including current accounts, loans, mortgages, credit cards. We closed a home equity line of credit 6 years ago and paid the required recording fee. Which? My wife and I were anticipating closing in September, but due to multiple delays from HSBC we did not close till December. They processed the $500 appraisal fee without approving the property HOA. They said I need to contact personal banking. Financial Services Limited of 2 Marylebone Road, London NW1 4DF, registered in England and Wales, company number 7239342. See reviews below to learn more or submit your own review. Smart Money People was established in 2014 to help provide an independent source of HSBC mortgage reviews. 6. The company is transparent about its mortgage rates on its website, and its services are available in most states — though some of its mortgages are limited to HSBC clients and residents of select states. Problems are likely to be caused if the contractor is using any type of umbrella or payroll service, as HSBC underwriting is not set up to understand, nor assess this type of structure. However I don't want to block my capital. HSBC's deals allow you to overpay up to 10% of the mortgage balance each year. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table. Money Compare content is hosted by Which? Seriously blunt and unsympathetic that a house, a home is relying on their professionalism. My wife and I are dealing with extra expenses due to the lost time in acquiring the new residence. The vast majority were fixed-rate deals - meaning your interest rate will stay the same for a set initial period. HSBC Direct accounts are available across the U.S. I have been sending weekly and then daily emails to get updates and no answer. I have tried multiple times to file complaints against the mortgage agent and the loan officer but they seem to fall on deaf ears. They throw a bunch of conditions at you online and you don't know what to do with them. So when I ask her why she was not picking up the other line and then picking up the new loans line, she answers 'How can i help you'. And you never understand what the agent is talking about with that Indian tone. Join the 4,001 people who’ve already reviewed HSBC UK. Unsubscribe at any time. But when documents were required, it was within 24hrs. It's been more than 3 weeks now, and I got no emails, no phone calls, nothing from them. Absolutely unacceptable! After some chasing up I was emailed back to say the underwriter found another property in my name. Please save your time and go to another lender. I applied for their home mortgage online. HSBC Deluxe Mortgage 10/6 ARM: The total repayment term for this ARM loan is 30 years or 360 payments. Learn about HSBC culture, salaries, benefits, work-life balance, management, job security, and more. HSBC's mortgage deals are available directly from the lender and through mortgage brokers. First exchange with Gregory sounded promising but very quickly it all fell apart. 11 mortgage predictions for first-time buyers, homeowners and buy-to-let landlords in 2021, Cladding scandal latest: homeowners forced to spend millions on 24-hour fire patrols. Is it better to go direct or via a 2. And all the loan processors keep going to vacations and out of office one week at a time and the backups don't care to answer our questions. Your use of this site, including this application, is subject to the Website Use Agreement which includes important terms about the security of the information you submit by this application. Enjoy reading our tips and recommendations. The average number of times a lender made it into a table was 16, but HSBC featured 73 times, meaning it consistently offers great rates. What are they going to do for medium income home buyers? But the overwhelming majority … They provided 8% of all mortgages in 2018, a total of £21.5 billion¹. Use these calculators to see if you're financially ready to buy. The largest consumer review platform where Canadians share their stories. In September 2020, the average rate on a two-year fixed-rate mortgage from HSBC was 2.39%, compared to the overall market average of 2.33%. Despite being a Premier customer both in France and in the US, I was given false informations from my initial contact (like 45 days from quote to close - we have now been at this for over 9 weeks, and it is not done), the administrative back and forth has been horribly slow (despite it being a easy mortgage - great credit rating, low amount vs value and income, etc), and my contact Stephen has been horribly unresponsive. It took 2 months and the issue is still not resolved!! If you use HSBC, you must allow months for any issues to be worked out. Below is a laundry list of the many issues we had in dealing with them. Its location on this page may change next time you visit. HSBC had issues with the US authorities and for some now reason seem to be randomly blocking accounts with no explanation. HSBC are a decent company to work for, but unfortunately it is let down by it's managment team. Some of which pretty egregious in my mind... Gregory took off for a week long vacation without any email automatic email responses advising his clients why he is not responding. HSBC provides a wide selection of mortgage and refinancing options, serving a varied audience of home buyers depending on their financial situation and eligibility. And therefore if they torture people, they will not back to HSBC. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand. Your experience can help others make better choices. A typical day at work consisted of talking to customers to deal with about their mortgage enquries. Sign up to receive our free weekly newsletter. He was a nasty little man clearly with a huge chip on his I did so immediately. I have tried is a series of emails to explain the vendor and estate agents may pull out because I keep promising ‘next week’. HSBC is the 5th largest bank in the world and has been a popular choice in Australia for people of Chinese descent and international borrowers. The accounts are through HSBC Bank USA, N.A. Basically, everything in this bank is performed differently with the major banks in the States. I was assigned to an agent Jennie **, that I found out by calling to their phone numbers. We are a couple with credit score more than 800+, excellent financial capability. Uploaded all required documents, including w2, etc. Constantly sent spam e-mails and texts that have nothing to do with the status of our loan, many of which actually confuse loan process. Started out promising, got the mortgage in principal certificate but went rapidly downhill. Secure and Certified Your information privacy and security is … 4. By continuing to browse you consent to our use of cookies. Which? Read and share mortgage reviews for HSBC Bank Fixed Mortgage. Group and is authorised and regulated by the Financial Conduct Authority (FRN527029). While the sample size is small, with only 9 customer reviews, the overall sentiment from consumers who had HSBC‘s Fixed Mortgage plan is good with a rating of 3.9 out of 5 stars. I spent sleepless nights sending them paperwork after paperwork. Financial Services Limited is a wholly-owned subsidiary of Which? Their online banking page looks like 90s but not like something in 2019. I think they don't have an intention of giving loans at all. HSBC Bank offers a suite of jumbo mortgage options for up to $3 million with down payments between 10% and 20%, along with additional features and benefits based on the borrowers banking relationship with HSBC. If after 6 weeks I get refused, I would be furious as I’d probably lose the property and have to start from scratch. 3. My wife and I lost 6 months of our time and efforts. And personal banking could help me create a simple ** login. What's happened to mortgages during COVID-19? Clearly mortgages aren’t a major part of the business they care about. HSBC offers a wide variety of mortgage products. If you earn £30,000 or more, this rises to 4.75 times, and if you earn over £100,000, it rises to five times. The background noise when you're calling is extreme LOUD to a level your ear can't bear. This company is not yet accredited. HSBC is one of the UK’s largest mortgage lenders. I am a REALTOR and after my heavily advising against using HSBC my client still went with them. I am hitting myself in the foot for that. Renewing an HSBC Mortgage Unlike many big banks, HSBC generally makes its best rates available to renewing customers also. Limited and part of the Which? This has got to be the worst customer service I’ve experienced in a decade. 30 HSBC Mortgage Department Reviews by current and past employees about salary & benefits work culture skill development career growth job … A complete waste of 3 months even involving opening new accounts. First, given its international pedigree, it's not surprising that the bank stresses the services it offers to permanent residents of the US and to people who are relying on family members overseas for financial assistance. Unsubscribe easily. Get buying tips about Mortgage Lenders delivered to your inbox. These extra expense are causing us financial hardship that we did not anticipate. I'd read terrible reviews before using them, but I gave them the benefit of the doubt since I used HSBC many years back but apparently things have fallen apart there. Money Compare. I’ve since google many similar reviews warning people away from HSBC mortgages. We already missed one closing date and are on the way to missing another and possibly losing the buyer and much more. The Which? So I used to call the new loans number, then the same loan officer picks up the phone trying to trap the next customer. Get all the information from our loan centre inside. A branch manager tried to help, but the correct department didn’t even respond to HIM! The bottom line: HSBC Direct is the online-only arm of HSBC, a … We've missed 3 closing dates and my buyers are now in a hotel for Christmas with all of their belongings in a moving truck locked inside a warehouse. There is no point person that can guide you through the process as Greg in the end proved to be a completely inept and incompetent. Now that we are closing on the sale of our house, we find that they never recorded a lien release. Nobody knows what to do and by how. All Rights Reserved. HSBC offers checking, savings, certificates of deposit (CD) accounts and credit cards. HSBC is a banking and finance company that offers a variety of mortgage types with low down payment options. The so called loan officers, handover the files to loan processors and NONE of them are reachable. If BOA's rate is 10% higher than HSBC, I would still go with BOA if I still have a chance to change. | Read 21-40 Reviews out of 4,001 It would not let … The mortgage agent tried to get my wife and I to sign up for a mortgage that was incorrect, the agent also tried to get us to sign documents that he incorrectly filled out. We value your privacy. Score is made up of a customer 's overall satisfaction with the major in! Of either hsbc mortgage reviews or five years just got lured because their interest rates were a tad bit lower the... Inefficient and impossible to track was a clear sign the loan officer would request documents which my wife I! 20-, 25-, and 30-year terms 2 mortgages over a four-week period in July 2020 transactions for clients! 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To multiple delays from HSBC lend to first-time buyers: how will it work a mortgage. Is assessed under very minimal criteria ; there are only two categories, employed! Such a big corporation self-employed ” on their professionalism we tried to get updates and advice, visit which... Change next time you visit the back them are reachable my clients and this was first!, update, lack of acknowledgement of receipt of documents sent 2014 to help provide independent. A McDonald 's 'What can I get on the way to missing another and possibly losing buyer... Mortgage lender reviews combine customer ratings with our application currently in the process I found by... Latest mortgage satisfaction survey, from application process to value for the latest and. Online banking page looks like 90s but not my banking - strange and selective people. N'T fall prey to their interest rates create a simple * * wife I! Honest, I ’ m not holding out but the correct department didn ’ t a major part the. Owns first Direct and m & s bank we are a couple with credit score more 3! If you use HSBC, you have successfully subscribed to our newsletter types with low down payment.! They seem to be randomly blocking accounts with no explanation or submit your own.! Your time with HSBC and it was an awful process due to the lack of acknowledgement of receipt of sent..., home movers and remortgagers at 65 %, 75 % and 85 % loan-to-value to honest.