applying for HSBC tracker - with consent to let - will us be approved?

gemma.zhang

Thank you all!

we're now awaiting for paper work. they kinda agreed on the phone to offer us. worried if they counter in our 2 mortgages + we're borrowing quite big amounts..

will keep you guys update on this.. going to be a week before we know the result!

gemma.zhang

well.. give you guys a update!.. we applied for the mortgage ( by phone ) on Thursday, received the pack on Friday. Submitted the form with document on Monday.. Today morning, :T mortgage approved !

to be honest, there were not place to fill any information on the form regarding our current property /mortgage, however they have this information on their system from our phone application. The guy just asked me if we could afford it in case we can't let sell -> i just went through our current mortgage / rental figure.. he seems to be quite happy, and at the end of the phone said the mortgage was approved subject to survey !..

:j really glad it came so quickly. only a matter of 2 or 3 days!
Guess we're already advance customer with them really helps!.
next thing will be Survey.

Engeroosi

congratulations.

Oxid8uk

I firstly want to say congratulations, however don't get too excited just yet.

My partner and I rang HSBC and got a mortgage in priniciple over the phone. We have two residential mortgages already (one on a consent-to-let) and we were told that based on our salaries we were ok to get the HSBC tracker with a LTV of 85% provided we had 20% equity in both our current properties. Great we thought!

We made an appointment to do the application in branch, so off we go with all our information in hand, only to be told that the maximum LTV they would give us was 80% not the 85% they told us over the phone.

It sounds like everything is ok for you though if the paperwork has come through and your LTV on the new mortgage is less than 80%, just watch out if your equity in your other property/ies is less than 20%. I get the impression that HSBC just 'change their minds' sometimes, especially if they have reason to.

Just be wary of what they say over the phone....they aren't always correct.