How could anyone lend us that much!

lostinrates

Really2 wrote: »

The reason is that I have an unblemished credit history 30% deposit, and only a 3.3X multipl and had to get special clearence befor offer.

Sorry lostinrates i have actualy done it and got a mortgage unlike most on here.
Yo may know the bank manager and get a favour but that is not going to happen to every one in the UK.
HSBC lending is tight. All lending is tight at the moment. I have a family member who is an EA and a FA I think I in a fairl good position to say how tight lending actualy is as I have actualy got a motgage offer.

Sorry but you did not, and that is not a dig.

How can the truth be a dig? I don't have a mortgage, you have one....I'm looking at the moment you are not, you have your experience I have mine....I DID however have mortgage offers, not mortgages!

loads of other posters here have mortages, some have done it loads, so I think your commnt about 'unlike most' you have one unlike me, yes, but unlike most- I'v never counted

I don't know the bank manager, incidently, he knows me :cool:, well us.

Why was it so hard for you to get credit with a great history, low mulitple at peak? Others WERE getting crazy loans then weren't they?

kunekune

"No I understand you do not understand that they will not lend that."

Where on earth do you get that idea from? You are very keen to put a particular pov forward, but I'm not at all sure you are choosing the right threads to ride on the back of. I'm bothered that people might think they would lend that. Not about whether they will - after all, if I was a vendor, it would be awful to have a 'misled' purchaser.

Oh, and fwiw, we are looking at less than 3.3 my own income, ignoring OH's income. His is relevant because he can bring us into the staff mortgage category. We don't need it to repay. We don't have the hugest deposit in the world, but with the interest rates we're contemplating, no penalties in the mortgage terms for 'small' deposits, combined with a ruthless attitude on what we're offering (and believe me, I'm a bear and OH is a very big bear), I don't think we're completely mad. Truly.

Really2

lostinrates wrote: »

How can the truth be a dig? I don't have a mortgage, you have one....I'm looking at the moment you are not, you have your experience I have mine....I DID however have mortgage offers, not mortgages!

I don't know the bank manager, incidently, he knows me :cool:, well us.

Why was it so hard for you to get credit with a great history, low mulitple at peak? Others WERE getting crazy loans then weren't they?

Sorry you do not get an offer untill you have filled in the application (after gettig a AIP and paying for a valuation).
I am not tring to beliittle you but I take it you have not done this before (Get a mortgage).

Credit is an issue house prices are falling and I do not think knowing the bank manger is good enough security to an underwritter.
All these reasons are why anything over 4X multple is un heard of.

I dont know why you think your such a good bet in this market, sorry.

greenwheels007

Not sure what this post is all about, maybe the purpose is a bit of gloating about the offer?
Hardly productive..

Really2

kunekune wrote: »

"No I understand you do not understand that they will not lend that."

Where on earth do you get that idea from? You are very keen to put a particular pov forward, but I'm not at all sure you are choosing the right threads to ride on the back of. I'm bothered that people might think they would lend that. Not about whether they will - after all, if I was a vendor, it would be awful to have a 'misled' purchaser.
.

That as been happening for over 12 months now people have put in offers got an AIP than not got a high enough offer. (our buyers had an AIP and had to jump through hoops low mulltiple and 50% deposit)
Ask any EA or FA.

i am not picking the wrong thread just point out to anyone beliving I could £XXX,XXX that untill they get an offer dont belive it.(you could be gutted)
Is that a bad thing on a site calles MSE!

lostinrates

Really2 wrote: »

Sorry you do not get an offer untill you have filled in the application afte AIP.
I am not tring to beliittle you but I take it you have not done this before (Get a mortgage).

Credit is an issue house prices are falling and I do not think knowing the bank manger is good enough security to an underwritter.
All these reasons are why anything over 4X multple is un heard of.

I dont know why you think your such a good bet in this market, sorry.

I had a mortgage offer. I filled in forms ....why did you think I wouldn't have filled in forms? A survyor did not go out, there was already a survey on the property that I had bought and that bank were happy with.

I infact have had business mortgages before (pre real peak and before my memory loss so I don't really count them) That was however crazy lending too IMo, and certainly crazy borrowing. Luckily it worked very well for me. Luckily.

Why should you know why I think we are a good bet, fwiw I'm not going to share why!:D I'm not sure why you think I should take your word over the banks...who do know.

Really2

Bull says prepare for the worst in lending. (how bearish)

Bull gets put down by bears saying high multiple and mad offers are still the norm.

Bull rubs hands "credit cunch over";)

Really2

lostinrates wrote: »

I had a mortgage offer. I filled in forms ....why did you think I wouldn't have filled in forms? A survyor did not go out, there was already a survey on the property that I had bought and that bank were happy with.

I infact have had business mortgages before (pre real peak and before my memory loss so I don't really count them) That was however crazy lending too IMo, and certainly crazy borrowing. Luckily it worked very well for me. Luckily.

Why should you know why I think we are a good bet, fwiw I'm not going to share why!:D I'm not sure why you think I should take your word over the banks...who do know.

Sorry last time you said an AIP.(novish)
HSBC will not do an offer on any house unless you pay for a survayer (motgage fraud)

Sorry lostinrates I cant take the argumet seriously because My Bro knows HSBC manager and as a business mortgage.

I would worry abot you "manager" I think he could have serious problems at audit.
Offers without using the lenders valuers could easily cost hime his if a mortgage fraud happened.

But if you think lending is still as slack as peak good luck.

PS you fill in two forms, one for an AIP one when you go ahead for an offer.

lostinrates

Really2 wrote: »

Bull says prepare for the worst in lending. (how bearish)

Bull gets put down by bears saying high multiple and mad offers are still the norm.

Bull rubs hands "credit cunch over";)

I posted a thrad on crdit available only a coupl of days ago, sadly it has not yet saved the economy.

I am not a bear. I am neither. I do what I think is right at the time.

lostinrates

Really2 wrote: »

Sorry last time you said an AIP.(novish)
HSBC will not do an offer on any house unless you pay for a survayer (motgage fraud)

Sorry lostinrates I cant take the argumet seriously because My Bro knows HSBC manager and as a business mortgage.

I would worry abot you "manager" I think he could have serious problems at audit.
Offers without using the lenders valuers could easily cost hime his if a mortgage fraud happened.

But if you think lending is still as slack as peak good luck.

Dear me, Really I had an AIP, yes.

Then we bought the survey (we had already offered, and then been out bid, and thought about max offer) mean while we were proceeding with everything else....what I eventually offered I did not share with the board.

BTW I breathe and don't mention it here all the time :rolleyes:

ETA: why HSBC? Did I mntion they were the other bank..they are my current account in maiden name bank so I guess I did, or is you're mortgage with them? There were reasons we didn't go with them though we did appraoch them and got a reasonable offer, but really I must try and remember to sort out my married name with them.