Income Ver

plasma123

Ok all,

I have a £100k mortgage fixed at 4.99%, which ends in September approx.

House is worth appox £225000.

Looking at HSBC deal of 3.99% for 3 yrs with a £699 booking fee. All seems good.

Do they do a non-income verification as its such a low LTV. Want it to go through very quickly, and while my income is easy enough to verify, my partners is somewhat harder.

Cheers.

TEDDYRUKSPIN

LOL. As long as you stay with this company they will not ask ID, income etc again. It must be in the LTV range though. They will carry out a market valuation.

plasma123

sorry, should have made clear, I am not currently a customer with them.

TEDDYRUKSPIN

Meaning your mortgage is not with them?
Then your in trouble. All mortgage companies require the basic checks. I mean all...................... FSA requirement.

Andi333

Hi there
I have been with HSBC for 5 years on a tracker repayment (15 years) all up to date :-) I went self employed about 5 months ago as the industry I was in was going sour, I rang HSBC and asked about a second mortgage for next year instead of paying out huge rent in london, and they basically put the phone down on me and said NO very quickly!!!! as I am now not in full time work they would not entertain me

_Andy_

plasma123 wrote: »

Ok all,

I have a £100k mortgage fixed at 4.99%, which ends in September approx.

House is worth appox £225000.

Looking at HSBC deal of 3.99% for 3 yrs with a £699 booking fee. All seems good.

Do they do a non-income verification as its such a low LTV. Want it to go through very quickly, and while my income is easy enough to verify, my partners is somewhat harder.

Cheers.

HSBC will want three 3 months payslips.
When you say 'somewhat harder' - what exactly do you mean?

plasma123

Lets just say that it wouldnt be wise to let people know who her employer is.

Bank statements could be do-able, just need to get her to find 3 months.

I just remember 3yrs ago, the 'general' rule with most big lenders was if you were borrowing less than 75% LTV, they didnt bother checking your income, certainly was the case with my current lender.This made the whole process much quicker and less hassle.

_Andy_

HSBC will always check. Not quite sure what your comment means (i.e. not letting them know who the employer is).

Bottom line - if you can't provide proof of income, don't bother applying with them.

Archlever

Hi,

My mortgage is currently with HSBC. All the OPs above are correct...HSBC will check, they are obliged to by the FSA (and it makes sense for them to do it anyway). The low LTV is not a factor...you are asking them to lend you money and they want to know whether you can pay it back.

If however you pass the checks my experience is that they are fairly quick (my remortgage went through within 2 weeks).