First Time Buyer!

liamwilliams

I have just came from my Bank (HSBC) where i've made a sole Mortgage application, 90%ltv 10,500 deposit, house value 105,000, it now needs to be sent to the 'underwriter' to look at my application. The application was easy and pain free, and they said it will take 3-4 days for the underwriter to approve, and there was no reason why i should not be accepted, i still have sufficient money left when everything is paid out.

I am 23 and earn 30k per year, but because i work abroad much of the year my salary rises, this year my salary was 34,000k, although i was told the underwriter will only look at my basic. I regularly keep an eye on my credit report and have never missed any payments and i'm in the 'fair' category according to Experian, i do however have 3 credit cards and 3 store cards (all which have 0 balance), but i assume the underwriter will only look at how much available credit there is to me (which is about 7,000). The only other loans i have is for my car (168pm) and my sofa with dfs (37pm).

Anyone else had a similar application to mine, and how did it go and any advice?

I shall report back with the underwriters decision.

GMS

All applications are different. I assume the affordability calculation was checked?

HSBC are very strict at present especially at 90% LTV.

You should know soon enough, keep your fingers crossed.

Good Luck

liamwilliams

Hi GMS,

Yes affordability was checked and the mortgage manager was satisfied, roughly about 650-700 left over every month for me to play with. I'm not getting my hopes up with anything yet.

Not sure if it will help, but would taking out employment/sickness protection with HSBC help me even further with getting an approval?

Thanks:T

GMS

Officially it wont help but I do not know how the internals of HSBC work.

For the record you are likely to get better and cheaper cover elsewhere.

liamwilliams

Had a phone call week Tuesday ago to confirm a few things regarding my other bank account with Lloyds TSB, was a bit worried they would say no to the mortgage but the next day i was approved! Such relief after hearing they're tough on giving out 90% mortgages. Going to sign the papers today.

kittykitten

Congratulations! It's so nice to hear other FTBs getting good news as well!