HSBC Mortgage Review

Overall Rating

The rate and that's it!

The amount of time HSBC are taking (4 months so far!) to proceed and set up the mortgage.

We applied for a re-mortgage from HSBC which was approved in May (it took them two months to think about it). They then had a breakdown in communication with their instructed solicitor who did nothing but hinder the process. Their solicitor is now trying to charge us and I have complained to HSBC who are now pondering over the decision to pay the fees but apparently a complaint takes 5 days before investigation which has held us up even more. HSBC did not mention any further charges when we applied. I cannot seem to obtain any information or confirmation from either HSBC nor their solicitor which is very frustrating. I am attempting to call HSBC every other day but this is difficult but it takes a good 20 minutes to get through and then I have to explain my situation each time. I could honestly tear my hair out. This whole process has been incredibly frustrating and stressful, especially last week when the mis-informed solicitor called to say that our application has been rejected! Once everything is in place, I WILL BE CLOSING MY HSBC ACCOUNTS AS THEY DO NOT DESERVE MY CUSTOM! This has cost us £1500 so far having moved to a variable rate as our original fixed rate with Northern Rock has ended.

Members' Comments onfrances31's Review

• bhaskar007 on 5th Aug 2008

  I can understand what you are going through as exactly same thing has happened with me. I had a mortgage with C&G (Lloyd's TSB) and it was getting over in May 2008. I applied for a re-mortgage from HSBC and everything looked very sweet. The interest rate was a few decimal points better and they promised that from June onwards, they would get everything moved to them without I have to worry about anything ... the loan was approved and I was sent an sms confirmation too that things are moving fine .....But the cutover did not happen as expected. I had to pay heavy increased variable rate to C&G. I though may be I was expecting things to happen too fast so hoped things would get sorted for the month of July.
  Nothing came from HSBC, if you call their customer services, they will do all sorts of authentications and then very humbly take your phone number and then no one gets back to you. When I did the investigation, found out that my application was sitting with their solicitors (Barnet), these solicitors are so bad that they are just sitting on the application for two months and everytime I call them... they come out with some funny excuse. It's August 2008 now and again as nothing has moved, again C&G will charge me a much higher interest rate. It's a pity that a poor service by HSBC appointed solicitor is giving them bad name.
  
  I am really disappointed that I approached HSBC for remortgage as the total money I was going to save with this re-mortgage was around 2000 pounds in two years ... and already I have lost around 1600 pounds and god knows how much I would lose.... I am just wondering was it worth to have all this pain and achieve nothing.... I wish I would have continued with C&G (Lloyds) or would have approached any other lender except HSBC.
  Can any one suggest some ways to ask for a compensation as I have literally lost money because of poor services by HSBC appointed solicitors!