HSBC Mortgage

K_and_N

Hi,

We have an AIP with HSBC for £180k LTV 90%. How likely is the application will be successful?

Basically, we went into a branch and one of the staff (who is not a mortgage advisor) issued the AIP. She asked all our details and did some kind of credit check (she said it is not a detailed credit check).

A few people we know got their loan amount reduced or application refused even though they have AIP before. So we are worried about ours.

When HSBC asked, we gave out all our financial information (Mortgage, Loan, etc). We do not have any credit card balance and we do not have major issue on our credit file (apart from a coupel of late payments 4 years ago).

Does anyone think we could have problem with HSBC?

Thank you.

betmunch

You COULD have a problem, but also it COULD go through fine.

I'm not their biggest fan at the moment to be fair.

The one thing I would check would be their online affordability calculator. If you put your wages into that and it comes back saying you can borrow £180K on 90%LTV then you have as good a chance as any!

K_and_N

Thank you, betmunch.

We checked their online calculator and it said we can borrow £180k on 90% LTV. So finger crossed!

K and N

betmunch

Let us know how it goes

Cheers

Conrad

K_and_N wrote: »

Hi,

We have an AIP with HSBC for £180k LTV 90%. How likely is the application will be successful?

61.23% likely to be sucesful - honestly what sort of answehow the heck could anyone judge the likelyhood without having detailed internal sales records from HSBC headoffice?

Like me asking you the odds on getting parked at ASDDA a week Tuesday:rotfl:

betmunch

61.23% likely to be sucesful?

Thats at least double what I would have given it if I had tried to quantify the chances!!!

K_and_N

Conrad wrote: »

61.23% likely to be sucesful - honestly what sort of answehow the heck could anyone judge the likelyhood without having detailed internal sales records from HSBC headoffice?

Like me asking you the odds on getting parked at ASDDA a week Tuesday:rotfl:

Hi Conrad,

We were just hoping some people on the forum could give us their opinions based on their experiences with HSBC

firsty

Hi,

We had AIP with HSBC, credit check fine, then went on to meet with mortgage manager, was very positive, said he needed to send our application to underwriters as we only had a 10% deposit (and we were asking for less then half of what you need), but reassured us it was a straight forward case, should be no problems. Anyway, underwriters have said NO because we are both (my partner and I) using our overdraft - even though we both have more than enough to pay it off from our savings account.

I guess what I'm trying to say is: they are being ridiculously strict. My advice is to make sure you are completely 'clean' - no loans, lots of savings, no overdraft (or at least not using it), low bills and secure job.

Sorry to be so negative - but just got our heart breaking news today - we have now lost our dream home.

GMS

HSBC offer great rates therefore get the most applications.

From these applications they will cherry pick the best cases.

This is not the bitter broker rant, unfortunately it is true.

God luck with your application.

AndyLiverpoolFC

firsty wrote: »

Hi,

We had AIP with HSBC, credit check fine, then went on to meet with mortgage manager, was very positive, said he needed to send our application to underwriters as we only had a 10% deposit (and we were asking for less then half of what you need), but reassured us it was a straight forward case, should be no problems. Anyway, underwriters have said NO because we are both (my partner and I) using our overdraft - even though we both have more than enough to pay it off from our savings account.

I guess what I'm trying to say is: they are being ridiculously strict. My advice is to make sure you are completely 'clean' - no loans, lots of savings, no overdraft (or at least not using it), low bills and secure job.

Sorry to be so negative - but just got our heart breaking news today - we have now lost our dream home.

Similar thing happened with us. No concerns whatsoever about our application with HSBC until the final underwriters checks when it was refused for a different (but still "picky") reason.

We're trying elsewhere before we pull the plug on our sale/purchase. Have you tried elsewhere?

shortchanged_2

I'm not sure if HSBC will be to too quick to lend such a large amount with such a small deposit in the current climate. They are being very strict at the moment.
But good luck anyway.