FTB: 10% Deposit - HSBC or Post Office?

jockosjungle

Hi All

Am a FTB looking to get a repo house for £48k (we've seen one), i'm down to a choice of two for a mortgage. HSBC my own bank and the Post Office, I like the way the PO has a list of lending criteria on the website, we have an AIP from the HSBC.

Anyone have any experience dealing with these two? Who has the harsher criteria? As it is a repo we'd want to get the sale through as soon as possible and as my wife works during all normal working hours getting into a branch to see the HSBC is hard work.

Any thoughts on either lender?

R

somethingcorporate

jockosjungle wrote: »

Hi All

Am a FTB looking to get a repo house for £48k (we've seen one), i'm down to a choice of two for a mortgage. HSBC my own bank and the Post Office, I like the way the PO has a list of lending criteria on the website, we have an AIP from the HSBC.

Anyone have any experience dealing with these two? Who has the harsher criteria? As it is a repo we'd want to get the sale through as soon as possible and as my wife works during all normal working hours getting into a branch to see the HSBC is hard work.

Any thoughts on either lender?

R

Just remortgaged with the Post Office (Bank of Ireland) and it couldn't have been a smoother process. They are very efficient, flexible and accomodating. In the weeks that they were processing the rates dropped 3 times and each time it took only a phone call and they would adjust our offer to take account of the new (lower) rate.

I remember replying to a thread a couple of weeks ago where something similar happened with HSBC but the person would lose their mortgage fee if they wanted to move on to the same product but at the new lower rate. Completely scandalous!

On that basis I'd go with the PO, but that's only from my experience of them. That and their rates were great on 5 year fixed.

HTH

jockosjungle

Thanks, my concern with PO is that they say the seller must have had the property for 12 months and I'm guessing that as a repo it wouldn't be the case

R

somethingcorporate

jockosjungle wrote: »

Thanks, my concern with PO is that they say the seller must have had the property for 12 months and I'm guessing that as a repo it wouldn't be the case

R

Give them a call and ask them to clarify!

jockosjungle

Gave them a call and said with a repo from a bank it isn't really a problem!

somethingcorporate

Good news! :j