HSBC splits brokers’ sides

Robyn Hall

October 20, 2011

“Monty” was still laughing – and probably still is – after the lender said that 81% of deals on best buy tables were direct lender deals and that it accepts nine out of 10 applications.

Brokers the length and breadth of the UK were quick to comment.

Andy Alcock wrote: “Brilliant article well articulated to the point and from my viewpoint very accurate.”

While Terry Donovan wrote: “Excellent article. It amazes me that banks tick the no advice box Of course they give advice but its convenient to tick the box as there are no comebacks. They want rid of brokers and unfortunately it’s working.”

Paul Fielding summed up the mood of many when he wrote: “Agreed, a very down-to-earth and honest appraisal. God knows, if 90% of the public can get a mortgage through HSBC, then the whole of the rest of the industry may as well shut up shop now….does Miguel Sard at Santander know this?

“Surely he ought to be told? By the way, when I was a business customer at HSBC (no longer, thank God ) I couldn’t get a mortgage with them….’er, you don’t meet our criteria…even for a mortgage broker…sorry…!’ Or should that be…’because you’re a mortgage broker….’ You just keep turning ’em down boys and I’ll keep writing the business with the rest of the industry that lives in the real world!”

Meanwhile Philip Curnow was wondering whether the Financial Services Authority should be looking into HSBC’s claims.

“I wonder,” he wrote. “If someone senior at HSBC has intentionally used distorted or seriously questionable financial data in order to obtain a commercial advantage for the Bank – is that something that the FSA sould be picking up on their radar and investigating ? . . . . or does that penalty only apply to IFAs?”

Mortgage broker Tom Donald suffered an all to familiar situation with HSBC.

“I myself being a mortgage broker and currently have a mortgage with HSBC, at the time (3 years ago) HSBC did offer me a better rate that I could get anywhere else, but what a hassle and toeing and frowning.

“I had to make 6 different visits to the nearest branch , 60 mile round trip to issue documents sign forms (War and Peace they wanted) after all that they issued the wrong offer not once but twice, more phone calls more visits to the branch, never again, cheapest is not always the most suitable or the best, and I thought I knew what I was doing a mortgage client would be tearing their hear out or even worse accepted one of the wrong offers, it pays to pay for advice.”


Sign up to our daily email