We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
What do I need to do to get a mortgage certificate?
Burnley_Lad
Posts: 277 Forumite
I have just accepted an offer on my property, and therefore have just started to look at what is on the market for the property I want to buy.
In order to get 'one step ahead' when we do finally find the property we want to buy, I thought I would get an 'agreement in principle' from the HSBC, who I have identified as the bank I want to go with for my mortgage based on the interest rate, fees etc.
I spent about 40 minutes on the phone to HSBC last week going through all sorts of things, and she gave me a figure of how much they would be willing to lend me assuming all of the figures such as our income and committed expenditure were accurate. I assumed that in the post I would get some kind of certificate saying that I could borrow 'x' amount of money, of course on the condition that we proved our earnings by showing our wage slips.
However, all I got through was an illustration as to what my monthly payments would be if I identifed a house for £120,000, and got a £70,000 mortgage! Well, I could have done that on the internet!
What do I need to do to get to a position whereby if we see a house we like, we can show the owners that we are serious, committed buyers and have already got an agreement in principle, it's just a matter of tweaking the figures slightly and signing?
In order to get 'one step ahead' when we do finally find the property we want to buy, I thought I would get an 'agreement in principle' from the HSBC, who I have identified as the bank I want to go with for my mortgage based on the interest rate, fees etc.
I spent about 40 minutes on the phone to HSBC last week going through all sorts of things, and she gave me a figure of how much they would be willing to lend me assuming all of the figures such as our income and committed expenditure were accurate. I assumed that in the post I would get some kind of certificate saying that I could borrow 'x' amount of money, of course on the condition that we proved our earnings by showing our wage slips.
However, all I got through was an illustration as to what my monthly payments would be if I identifed a house for £120,000, and got a £70,000 mortgage! Well, I could have done that on the internet!
What do I need to do to get to a position whereby if we see a house we like, we can show the owners that we are serious, committed buyers and have already got an agreement in principle, it's just a matter of tweaking the figures slightly and signing?
0
Comments
-
Your best bet is to see a whole of market broker- IMHO Whole of market is the only way to go and i would have thought dealing with your adviser face to face is the best way.
Get yourself recommended to one, and if you aren't happy with then move on to the next.
Hope this helps
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
I know I'm not supposed to do this, but I am in burnley, give me a call and I'll help you
I dont want your business I'll advise you for nothing.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
sorry, I should have explained - I have already found the mortgage deal that I want.0
-
Are you sure its the best deal you can get on the whole of market?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
hi there. I did spot that you were near to me the other day.
I'm not sure what is entailed in going to a whole of market mortgage specialist - I'm not obliged to sign up to anything am I?0 -
absolutely not. If you don;t want advice and just want me to help you with the hsbc mortgage thats fine, but I do think there's better out there for you. All I would do is take your details, earnngs etc, have a chat to you about your life and financial circumstances, future objectives, and then I use a very sophisticated piece of software to find you a mortgage.I would rather you went direct to a lender though as I don't want other brokers on here getting wound up at my offer to help.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:I would rather you went direct to a lender though as I don't want other brokers on here getting wound up at my offer to help.
Personally speaking, although it goes against the MSE principles, i would rather see someone contact you rather than go direct and (possibly) end up with an infirior product. What however really annoys me are brokers coming on these pages for a very brief time , secretly pm'ing et al, and whose aim is to attract business- it's fairly obvious that MM has been around for some time, contributes well and whose motives are the right ones, so i would suggest it would be sensible to see her. It's some track record rather than seeing someone who you don't have any knowledge of.
Pretty sure she doesn't bite!!
I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
0
-
Thanks for that guys. Sorry not been on today been busy filing my fangs and vaccuming the coffin.
On a serious note (or is it), who wants biting first???? I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:Thanks for that guys. Sorry not been on today been busy filing my fangs and vaccuming the coffin.
On a serious note (or is it), who wants biting first????
After you Dave :rotfl:0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards