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Best approach to be accepted for mortgage?
Jojo75
Posts: 1 Newbie
Hi everyone, can anyone give some advice on the below scenario?
OH and I are looking to buy a property and have a deposit of between 30-35% (depends on how much we can get the price down by). We'd need to borrow around £280k, which is 2.25 our combined salaries (excluding bonuses), and are looking at a deal from HSBC. We have no outstanding debts and no dependents.
However although my OH has a spotless credit record, about 4 years ago I had a few non consecutive late payments on my credit card (due to being disorganised and not setting up a direct debit whilst working overseas). These show as "1" on my credit report. No other adverse credit before or since.
I've heard how picky HSBC are, and worried they will turn us down based on the late payments. Are we wasting our time applying to them? The other alternative is for OH to apply on his own, which would be around 4x his individual salary, not sure whether HSBC go this high on income multiples?
Thanks
OH and I are looking to buy a property and have a deposit of between 30-35% (depends on how much we can get the price down by). We'd need to borrow around £280k, which is 2.25 our combined salaries (excluding bonuses), and are looking at a deal from HSBC. We have no outstanding debts and no dependents.
However although my OH has a spotless credit record, about 4 years ago I had a few non consecutive late payments on my credit card (due to being disorganised and not setting up a direct debit whilst working overseas). These show as "1" on my credit report. No other adverse credit before or since.
I've heard how picky HSBC are, and worried they will turn us down based on the late payments. Are we wasting our time applying to them? The other alternative is for OH to apply on his own, which would be around 4x his individual salary, not sure whether HSBC go this high on income multiples?
Thanks
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