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What Is The One Day Mortgage Approval Service And What Are The Key Steps I Need To Know?

What Is A 1 Day Mortgage?
Sarah Coles
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Presented by HSBC
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A one day mortgage approval sounds like an oxymoron: like a happy Monday or a delicious sprout, but incredibly, for increasing numbers of people, it could now be a possibility.

This new service at HSBC, is a much quicker service where you could have a mortgage approved in one day in just one appointment.

It doesn’t cut corners, so during the appointment in branch you will go through everything from the products themselves (including any risks, special terms and exclusions) to their affordability with one of HSBC's mortgage specialists. You will also be expected to read the relevant documents carefully, so that you understand your choices completely.

It won’t suit everyone. If, for example, you are buying a second home, you will need to go through some additional checks which may mean the approval may take longer than a day. HSBC also recognise that some people need a bit longer, and may need more information and guidance, and time to come to the right decision for you.

However, for those who are more sure about what they want, are in suitable circumstances and can pull together all the required documents, this service could save a great deal of time and effort.

If you think this kind of mortgage will suit you, there are a few steps you should take to help ensure everything works more smoothly.

The steps -

Getting A 1 Day Mortgage
Make an appointment(01 of07)
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Firstly you will need to make an appointment to see a mortgage specialist in one of HSBC's selected branches which offers this service. To find out when and where you can have your appointment, please call 0800 432 0764 or drop into a branch. (credit:Susanna Price via Getty Images)
Do the thinking and planning first(02 of07)
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To help with a speedy process, you could do some research before your appointment, to help you understand what mortgages might be available to you and to help you understand what each type can offer you. These will be discussed in detail with the mortgage specialist during your appointment. (credit:JGI/Tom Grill via Getty Images)
Prepare for the appointment(03 of07)
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You will go through a process to establish your needs and the affordability of the mortgage. If you have worked through these things yourself before you go in, you should have an idea of where you stand. (credit:Guido Mieth via Getty Images)
Give yourself time(04 of07)
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Set aside a reasonable amount of time for the appointment. The appointment in branch for this service can take up to three hours. (credit:Andrew Bret Wallis via Getty Images)
Make sure you have everything with you(05 of07)
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You’ll need things like your proof of identity such as your passport, proof of address, three months worth of bank statements, proof of income, evidence of other income, details of all current non-mortgage borrowing, and details of all protection plans and employer benefits. A day or two before your meeting you will get a call from HSBC who will remind you about everything you need to bring with you on the day and answer any questions you may have.For full details about the appointment checklist please click here. (credit:Image Source via Getty Images)
Don’t worry(06 of07)
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If at any stage you don’t feel ready to make a decision, you can slow the whole thing down. Just because you’ve started the process, it doesn’t mean you have to hurry your decisions. You can choose to take a few extra days - or even longer - to consider everything carefully. (credit:Image by Kevin Shine via Getty Images)
Prepare for the next steps(07 of07)
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By the end of the day of your appointment, if all goes accordingly, you will be informed if your mortgage has been approved and what the next steps are. (credit:H. Armstrong Roberts/ClassicStock via Getty Images)

Your home may be repossessed if you do not keep up repayments on your mortgage.

Service available at selected branches by prior appointment only and subject to the availability of a Mortgage Specialist. Whether HSBC can approve your mortgage, and whether they can do so in a day, will depend upon your individual needs and circumstances, as well as the complexity, timing and features of your application. You will need to provide all the documentary evidence that HSBC require to process your application at the time of the appointment, details of this can be found at www.hsbc.co.uk/onedaymortgage or by contacting HSBC.

To make an appointment with a mortgage specialist:

Call 0800 432 0764

Visit HSBC in branch

Find out more at www.hsbc.co.uk/onedaymortgage

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