MSE News: HSBC launches sub-4% mortgage for 10% deposits

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"HSBC has introduced a low-rate first-time buyer mortgage deal, which has been described as 'market-leading' ..."

Read the full story:
HSBC launches sub-4% mortgage for 10% deposits

ExpatWelshGirl

HSBC turned us down for a mortgage yesterday. We have 10% deposit. We are both public sector employees, my partner has survived restructure and is secure and I am in excluded from redundancy post. HCBC mortgage 'adviser' told us that he could see no problem with our application, but we were turned down. What do we do now?! He ended his letter 'enjoy your new home'. How the devil do I do that?! Do we risk going for another mortgage and get more footprints? We were turned down by Skipton. But if our own bank - we do all our banking with HSBC apart from our little bit of savings - won't give us a mortgage how will that look? Distressed beyond belief. Really shouldn't have bothered going to university, I have a well-paid job, but it's got me precisely nowhere.

tagq2

Remember, kids, you're a failure if you're not on the property ladder. Indenture to the bank is a badge of honour and you must do your part to sustain this bubble. Once you're on the treadmill, it's in your interest!

Thrugelmir

ExpatWelshGirl wrote: »

I have a well-paid job, but it's got me precisely nowhere.

Continue to save hard. There never has been an automatic right to obtaining a mortgage. More often or not it takes real sacrifices to get on the first rung of the ladder.

Wh05apk

HSBC whilst offering some great deals set their criteria very high, as do Skipton (I have never had an application accepted with them @ 90%) but other lenders are more realistic, probably worth getting a copy of your credit report, incase there is anything incorrect on there influencing your score and speak to a broker who should be able to place it elsewhere.

ess0two

tagq2 wrote: »

Remember, kids, you're a failure if you're not on the property ladder. Indenture to the bank is a badge of honour and you must do your part to sustain this bubble. Once you're on the treadmill, it's in your interest!

Alternatively enrich a landlord,its either or.

pjcox2005

ess0two wrote: »

Alternatively enrich a landlord,its either or.

How come that phrase is only used in relation to housing. You tend not to hear, don't buy an phone you're only enriching the manufacturer etc.

andy.m_2

that only works if you rent the phone

andy.m_2

cannot connect to server, please post the same message twice and look a fool on the forum

razam

Good on HSBC for bringing a new product for FTBs. I'd expect other banks to watch and follow suit if it proves popular.

muffle_2

I was pretty excited when I heard about this deal as it worked out £300/month cheaper than the next cheapest deal for which we already had a mortgage offer from Abbey.

I went through the application process but was rejected at the final hurdle, after they did a credit check. This is very puzzling as I have a perfect credit history and disclosed all my credit commitments to them upfront in the application.

Of course they couldn't tell me why I was rejected but I really do wonder what they're looking for!