One day mortgage service | Is this really possible?

same day mortgage service

Can you actually obtain a mortgage in a day?

HSBC have invested a great deal of money in a beautifully shot TV advertisement promoting their one day mortgage service, but can they, or anyone, give you a residential mortgage approval on the same day?

The 7 minute mortgage
It takes just 7 minutes to complete our secure online mortgage request form

What do HSBC actually say about same day mortgage approval?

Firstly, you need to book and complete a mortgage appointment in branch with a mortgage specialist.

Not all branches offer the same day mortgage service which is also dependant on branch manager availability and approval limits.

Your mortgage appointment can take up to three hours.

You won’t get same day approval if you are not eligible for a decision on the same day, or if underwriters get involved, or if your mortgage size is not within the signing capacity of the branch manager.

You won’t get same day approval if you are self employed.

Same day mortgage or three day mortgage?

HSBC say you receive a pre call one or two days prior to your appointment which means you are probably looking at three days minimum for your same day ‘mortgage service’.

So what can be achieved with regard to a swift mortgage service?

With our unique online mortgage service we can, and do, regularly provide a same day mortgage offer in principle for clients.

Our ‘7 minute mortgage service’ (see link on this page) compares favourably with a three hour interview (in two days time) offered by HSBC and marketed as a ‘same day mortgage service’.l

From any distribution source full mortgage approval requires valuation and the lender receiving and checking supporting information. This takes some time even if everything falls into place regarding availability of staff and resources.

The reality is that a formal mortgage offer in a week is a more accurate representation of a swift mortgage approval.

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