increasing mortgage on brand new property

villapark11

Hi all,

New to all this, bear with me...

Have 113k left on a 130k mortgage with HSBC (excellent lifetime tracker rate)

Decided to sell up and upsize due to wanting to start a family. Sold at 180k and have thick end of 60k deposit for next house.

Want to increase mortgage to 185k and have had offer accepted on new property for 242k

Have joint income of 56k (both good professional jobs) and wife has impeccable credit history. I have recently paid off two credit cards (balances of 1900k and 2400k) and a loan for 1900k. All paid off and settled two weeks ago but still appear on credit report at the moment.

Got agreement in principle of HSBC no problem, so my question is (now ive finally got there) do i wait until those items clear off my credit report (the cards and loan) before i go thru the application process? I'd say we have used our overdraft on joint HSBC acct 8 times in last 6 years - mainly down to moving money into savings too quickly before some standing orders have gone out!! nothing major!!

what do you suggest??

Thrugelmir

villapark11 wrote: »

what do you suggest??

How long are your sellers prepared to wait?

handytips

Why Hsbc ?
However you should be able to go to application now, beware they do say no quite regularly.

JimmyTheWig

Have you had your statements to show that the balances are clear?
If so, just take those with you and you should be fine.
That's what we had to do with Santander last year. [But, some may say it was because it was Santander, it wasn't fine and they messed the whole thing up a number of times. Got there in the end, though.]

villapark11

handytips wrote: »

Why Hsbc ?
However you should be able to go to application now, beware they do say no quite regularly.

I am porting the rate from my existing HSBC mortgage

How long does the application process take? (they have said i can do on the phone)We have completed on our property as we didnt want to lose the sale, HSBC have advised we can port the balance and rate over

Thrugelmir

[QUOTE=villapark11;48163599_HSBC_have_advised_we_can_port_the_balance_and_rate_over_[/QUOTE]

On the entire new mortgage or just for the amount you currently have. Additional new borrowing is normally at a current product rate.

villapark11

Thrugelmir wrote: »

On the entire new mortgage or just for the amount you currently have. Additional new borrowing is normally at a current product rate.

I can borrow existing balance (113k) and port rate (1% over base) and want to borrow and extra 72k at their standard tracker rate