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hsbc lending query
paulc1978
Posts: 7 Forumite
any info much appreciated
our situation is as follows
we currently own a property worth 155k of which we owe 14k on our mortgage. the mortgage is a fully flexible IO at 0.85% and we have made overpayments. we are able to draw down 123k
We have found a suitable property for 250k and have made an offer which has been accepted, and plan to put the drawdown from our original mortgage plus savings as a deposit, this totals 125k
we have asked for a 125k loan and await an acceptance/refusal offer from the lender. hopefully the situation will result in us having 2 mortgages whilst we sell the property we live in.
Our earnings are approx 63k annually and in addition have a BTL with a mortgage which earns us 250pcm
our questions are
are HSBC the kind of lender who will generally approve a request for a second mortgage, if not any suggestions of appropriate lenders would be appreciated
would a bank accept overpayments / general savings as a repayment vehicle if evidence of this method being used historically was provided - if not would the underwriters contact us to arrange repayment vehicle or would we be refused the mortgage automatically
would the amount they would lend us deduct the amount on our existing mortgage once the drawdown is done or do they just look at the repayments you have to make to the lender only
if we are unsuccessful with the lender would a new lender be concerned that we had recently had a credit check and look at us less favourably
many thanks in anticipation
our situation is as follows
we currently own a property worth 155k of which we owe 14k on our mortgage. the mortgage is a fully flexible IO at 0.85% and we have made overpayments. we are able to draw down 123k
We have found a suitable property for 250k and have made an offer which has been accepted, and plan to put the drawdown from our original mortgage plus savings as a deposit, this totals 125k
we have asked for a 125k loan and await an acceptance/refusal offer from the lender. hopefully the situation will result in us having 2 mortgages whilst we sell the property we live in.
Our earnings are approx 63k annually and in addition have a BTL with a mortgage which earns us 250pcm
our questions are
are HSBC the kind of lender who will generally approve a request for a second mortgage, if not any suggestions of appropriate lenders would be appreciated
would a bank accept overpayments / general savings as a repayment vehicle if evidence of this method being used historically was provided - if not would the underwriters contact us to arrange repayment vehicle or would we be refused the mortgage automatically
would the amount they would lend us deduct the amount on our existing mortgage once the drawdown is done or do they just look at the repayments you have to make to the lender only
if we are unsuccessful with the lender would a new lender be concerned that we had recently had a credit check and look at us less favourably
many thanks in anticipation
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