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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Applying for mortgage - time?
amyparr
Posts: 256 Forumite
We are looking to buy a flat in the next couple of months (ideally as soon as possible - we are FTBs). We put an offer in on one property last week and it went to sealed bids - we lost out to a cash buyer who offered slightly less than us :-<
My question is - should we begin to arrange our mortgage now so that we are in a better position next time? I've heard horror stories of how long the banks take to get it all in place, and thought it might be a good idea to pick the lender, send off the preliminary docs etc now. Would I be at risk of signing up to a mortgage deal which seems good now, but in say 2 months is overtaken by a better deal? Could we pull out of the first one and sign up for a different deal, or would that affect our credit rating?
Also - I suppose its advisable to apply for a mortgage for our maximum budget (even though we're hoping not to go to our limit). Can we then re-adjust what we're borrowing with the lender when we get an offer accepted, and is this straightforward?
We have been using L&C mortgage brokers but the best deal seems to be with HSBC who don't go through brokers. Once I've confirmed this with them I'm hoping to just apply online for a mortgage with HSBC.
Thanks!
My question is - should we begin to arrange our mortgage now so that we are in a better position next time? I've heard horror stories of how long the banks take to get it all in place, and thought it might be a good idea to pick the lender, send off the preliminary docs etc now. Would I be at risk of signing up to a mortgage deal which seems good now, but in say 2 months is overtaken by a better deal? Could we pull out of the first one and sign up for a different deal, or would that affect our credit rating?
Also - I suppose its advisable to apply for a mortgage for our maximum budget (even though we're hoping not to go to our limit). Can we then re-adjust what we're borrowing with the lender when we get an offer accepted, and is this straightforward?
We have been using L&C mortgage brokers but the best deal seems to be with HSBC who don't go through brokers. Once I've confirmed this with them I'm hoping to just apply online for a mortgage with HSBC.
Thanks!
0
Comments
-
We have been using L&C mortgage brokers but the best deal seems to be with HSBC who don't go through brokers. Once I've confirmed this with them I'm hoping to just apply online for a mortgage with HSBC.
Thanks!
If you're going to apply to HSBC don't bother to do it online, go into a local branch instead and do all the paperwork there. I did it online, they sent an approval in principle, but still had to spend half an hour on the phone with them and then go into the local branch to take in ID and proof of employment, 3 month's bank statements etc. So it would have been quicker just to have gone into the branch in the first place.For every complex problem there is an answer that is clear, simple and wrong.0 -
We applied in branch with Natwest; we needed proof our offer had been accepted before we could though - I'm not sure if that's the same for other lenders or not. We applied for their FTB 10% mortgage.
It took 2 weeks from applying in branch to get confirmation of our mortgage offer which was quicker than I was expecting based on what I'd read here. The guy who did out survey/valuation was pretty quick though and we didn't have any issues with the valuation not matching our offer or anything like that. Also, I'm a Natwest customer (although my partner isn't) so that might have speeded things up slightly I guess.0 -
Anyone got any other advice? x0
-
My partner and I got our mortgage through Lloyds TSB, we're both Lloyds customers so we didnt have to take in any ID in or any bank statements etc as our salaries go through our Lloyds accounts. We were in the bank for about an hour and came out with AIP.
Once our offer on a house was accepted the official offer came through about 4/5 days later.0 -
loyds very good got fixed for 3 years:cool:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.2K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.9K Spending & Discounts
- 247.9K Work, Benefits & Business
- 605.1K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards