Mortgage back up

kernewek

Hi there

I have recently applied for a FTB mortgage of £130000 with HSBC for a property with an asking price of £175000. Went thorugh the initial application fine and got the mortgage certificate. Went to the underwriters and it seems to be taking an age. I have phoned and hassled a few times and have finally been told it has been referred to a manager as it is close to their lending limits based on their new criteria. I want to move fairly quickly as the price of the house was lowered considerably for a quick sale, but I have just got an AIP from Nationwide who seem to be willing to lend a lot more. My wife and I have combined credit cards of about £8800 and £420 p/m in loan payments on unsecured loans. I earn £33500 and she earns £18200. I also run my own business which adds another £6000 to the pot but its a recent enterprise and the bank wont take that into account. Our take home is about £3100 p/m and we have about £2400 after outgoings. We both have good credit scores with no CCJs defaults etc. My question is should I go through a full app for nationwide or wait for HSBC to make their mind up whenever that might be!

Thanks

koexelek

If HSBC have the better product, I'd see it through with them.

If Nationwide offer a better deal, I'd apply to them instead. They normally make quick decisions one way or the other, so are unlikely to keep you hanging around like HSBC are doing.

kernewek

Thanks for that.

So there's nothing wrong with doing more than one application at the same time?

koexelek

kernewek wrote: »

Thanks for that.

So there's nothing wrong with doing more than one application at the same time?

No, but two credit searches will be registered against you.
I wiould not start paying out any money on the second one, until you know the first one is a no goer though, as you could double your costs