Mortgage appeals

benjamin.a

Coventry - Available to first time buyers whos parents have held a Coventry savings account for more than 3 years!! so where is this recommendation coming from?
Natwest do have a 5.99% fixed - direct only.

As i said before - I am not giving mortgage advice... simply my personal advice. how can personal advice be unprofessional?

jassco, i would personally... give HSBC a good try. If they decline then look at Natwest or... seek some more funds via whichever route you choose.
Money supermarket carried out a survey recently which showed 12% of first time buyers has used a loan to boost their deposit...

Conrad

benjamin.a wrote: »

As i said before - I am not giving mortgage advice... simply my personal advice. how can personal advice be unprofessional?

Mmm, bit of a legal minefiled that one. In a court or regulators hearing the claimant could potentialy argue they as a lay person did not have any means of distinguishing personal form professional advice.

If a Doctor on a forum advised you to take some medicine that then made you very ill for life, would you then say aw shucks never mind it was 'persona' advice?

If the OP get's repossessed having followed your 'personal' advice, what then?

What the heck is personal advice anyhow, I've never heard this term used in 19 years.

benjamin.a

Anybody on this forum offering "mortgage advice" is in the wrong...
When have you presented an IDD?
Forum rules clearly state that any advice offered on the website should not be deemed as proffesional advice but an opinion of the poster.

Bufger

benjamin.a wrote: »

Anybody on this forum offering "mortgage advice" is in the wrong...
When have you presented an IDD?
Forum rules clearly state that any advice offered on the website should not be deemed as proffesional advice but an opinion of the poster.

But its in the best interest for everyone if that advice is in the very least legal, moral and generally right.

You should know people to actually take advice from people on here. Yes its at their own risk but the community as a whole is pretty responsible and people that put 'im a mortgage advisor' in their sig also tend to be quite responsible. You give advice as an option for someone to think about. The option you gave them to consider could land them in trouble - in my book thats irresponsible advice, especially if you are infact a mortgage advisor.

morg_monster

OP - we're in the same situation - I'm a PhD student (but on 15k, as in London), OH earns a normal full time salary (but more than your OH which is prob why we've found it easier, but bear with me). I also work part time earning about 4k. our M.A. didn't think that my studentship would be a problem for lenders as it gives me better employment prospects. As long as I had some kind of letter which showed the studentship was effectively guaranteed for the next couple of years, he thought it should be treated the same as a fixed term contract, as you said. He was talking about Abbey and RBS as places he thought would be happy with our situation. However we didn't go through him in the end, so I don't know whether his thoughts on my studentship would have proved to be correct or not.

We have now applied through Lloyds, they would categorically not take my studentship into account, however we are able to borrow enough due to my OH and my part time salary. The fact that the mortgage guy at Lloyds knew straight off that the studentship couldn't be used, makes me think it might be worth popping in to banks or calling their mortgage phone number to ask whether they have a policy or not. At least that might save you a few credit checks.

The only other thing I can say is that we found that there was not much of an improvement in mortgage deals from 15 to 20%, you needed 25% to make the next step up really. So if you've got 15%, I wouldn't worry too much about that extra 5%. I don't think that having odd percentages will help, you need to hit a round 5%!!

i would go through with the appeal with HSBC, and see what happens, I don't see what you've got to lose, as far as I have read on these boards it doesn't take very long to get a decision (like a week, not months).

jassco

morg_monster wrote: »

OP - we're in the same situation - I'm a PhD student (but on 15k, as in London), OH earns a normal full time salary (but more than your OH which is prob why we've found it easier, but bear with me). I also work part time earning about 4k. our M.A. didn't think that my studentship would be a problem for lenders as it gives me better employment prospects. As long as I had some kind of letter which showed the studentship was effectively guaranteed for the next couple of years, he thought it should be treated the same as a fixed term contract, as you said. He was talking about Abbey and RBS as places he thought would be happy with our situation. However we didn't go through him in the end, so I don't know whether his thoughts on my studentship would have proved to be correct or not.

We have now applied through Lloyds, they would categorically not take my studentship into account, however we are able to borrow enough due to my OH and my part time salary. The fact that the mortgage guy at Lloyds knew straight off that the studentship couldn't be used, makes me think it might be worth popping in to banks or calling their mortgage phone number to ask whether they have a policy or not. At least that might save you a few credit checks.

The only other thing I can say is that we found that there was not much of an improvement in mortgage deals from 15 to 20%, you needed 25% to make the next step up really. So if you've got 15%, I wouldn't worry too much about that extra 5%. I don't think that having odd percentages will help, you need to hit a round 5%!!

i would go through with the appeal with HSBC, and see what happens, I don't see what you've got to lose, as far as I have read on these boards it doesn't take very long to get a decision (like a week, not months).

thanks, I'll definitely give Abbey and RBS a try. We've been told that the HSBC appeal will take two full working days, so hopefully hear something tomorrow or thursday.

With the original application I gave them the letter stating that the funding was secured up until Jan 2012. As part of the appeal I've also sent them my CV, which will hopefully show that I'm employable (even a minimum wage job would be enough for the income multiples!). Unfortunately although I'm getting some part-time income (doing some lecturing and extra research on top of the phd), I haven't started being paid for this yet so it won't count to anything... and I don't have a contract as such as it's on an ad-hoc, casual basis.

Also thanks for sharing your experience, certainly gives me some hope of eventually getting the mortgage! Hopefully it won't drag on long enough so that we'll lose the house we've offered on. We've started looking for flats to rent for a couple of years as a backup plan now :rolleyes:

jassco

Just a little update. We were told 2 days for the appeal which went in on Monday afternoon. I emailed the mortgage manager dealing with it this morning, and tried calling (and leaving an answering machine message), but been unable to get in touch with her.

So now I'm making enquiries at NatWest, under the worst-case scenario that the HSBC appeal is declined.

After speaking with NatWest, it appears that their income multiples are much better for us. Based on my OH's income we'll get up to £110,000, so only need to make up the extra £7,000 from either my bursary or part-time income if they don't accept the bursary.

nervousftb_3

i am a phd student and my partner is employed, so very similar situation to yours (although we had a larger deposit, which may have helped). we were turned down by abbey, halifax, and nationwide (didn't even get to the applying stage, they simply don't accept stipends as income). we eventually got our mortgage with C&G, although they would only take into account 50% of my stipend amount, which like yours runs til 2012. fortunately this was just enough for us!

jh1979

We went to HSBC for a mortgage on a new house. We already have 2 properties between us - one that we currently live in and the other rented out.

We have a 15% deposit to put down on a £215,000 house. After waiting ages to hear from HSBC we were contacted by the mortgage manager from the branch on tuesday who informed us that the max they would lend would be £172,000. This is despite the fact that we have a combined income of nearly £100,000 per year, excellent credit files and a letter from an estate agent confirming the likely rent on the place we live in will be £750 per month(the mortgage is only £280).

HSBC's rates are for a select no possible risk whatsoever few people.

I contacted Natwest who I have had my main account with for 10 years on the same day and did a telephone application with them and we now have a provisional mortgage offer subject to valuation report. They didnt even need to take the wifes income into account. The rate on the product is not as good but is fixed so gives us certainty for the next 2 years.

All being well we should be in the new place before xmas. I would recommend that anyone who has been turned down by Abbey, HSBC, Nationwide to approach Natwest/RBS as they seem much less fussy than these other lenders. Perhaps it is to do with pressure to lend to people and businesses from the government who of course now own 60% of the business.

jamief

benjamin.a wrote: »

thanks andy... the comment was not advice but simply something which many first time buyers are doing at the moment... i assure you that this has been done and FTB's will continue to do it until 90% lending returns.

But 90% lending hasn't gone anywhere? Surely you should know this, being a mortgage "advisor"?