2.49% lifetime tracker with first direct?

jonas123

Ok - I thought so! Got me worried that the 1.99% part might change!

I've just been approved for a joint mortgage, 65% LTV for just under 3x income if that's something to go by

ItsMe

I was declined by First Direct today for their 2 year tracker at 1.49% above base rate despite having had a First Direct current account for over 15 years, despite the fact that I have been managing to pay off a Santander mortgage at a higher monthly rate for the past 3 years, have never missed a payment, never been overdrawn, have a permanent full time job and only looking for a loan to value of 45%. They looked at my bank account (which of course they can 'cos they're my bank) and said my outgoings were too high. Having seen the other posts on here about HSBC it all sounds a bit fishy to me - like they're putting on a really attractive rate and then turning people down for no good reason.

Can anyone suggest who I try next?

Thrugelmir

ItsMe wrote: »

and said my outgoings were too high. Having seen the other posts on here about HSBC it all sounds a bit fishy to me

With limited funds to lend. HSBC can set a very high criteria for a particular product.

Spending patterns reveal a lot about an individuals attitude to managing money. With difficult times ahead the bar will be maintained at a very high level.

bhindi

I will report back on my progress... as and when it happens.

Amy56

ItsMe wrote: »

I was declined by First Direct today ...

They looked at my bank account (which of course they can 'cos they're my bank) and said my outgoings were too high. QUOTE]

Thrugelmir wrote: »

With limited funds to lend. HSBC can set a very high criteria for a particular product.

Spending patterns reveal a lot about an individuals attitude to managing money. With difficult times ahead the bar will be maintained at a very high level.

Any idea how they determine that your outgoings are too high?? We declared all of our outgoings at application stage. But if they are going to look at my bank account statements (which I have provided as part of the application) then they will see that all of our money goes out of the account each month - but that is because I put it in other accounts and just use this account for direct debits etc.

Will a low balance at the end of each month indicate to them that 'my outgoings are too high' or will they be sensible and realise that some of us use our current account purely to 'pay in/pay out' and move funds to and from? - I never leave more in there than I need to for outgoing ddrs/stds.

jaysb

ItsMe wrote: »

I was declined by First Direct today for their 2 year tracker at 1.49% above base rate despite having had a First Direct current account for over 15 years, despite the fact that I have been managing to pay off a Santander mortgage at a higher monthly rate for the past 3 years, have never missed a payment, never been overdrawn, have a permanent full time job and only looking for a loan to value of 45%. They looked at my bank account (which of course they can 'cos they're my bank) and said my outgoings were too high. Having seen the other posts on here about HSBC it all sounds a bit fishy to me - like they're putting on a really attractive rate and then turning people down for no good reason.

Can anyone suggest who I try next?

My remortgage with Nationwide goes thru tomorrow, so after 25 years of banking with Midland/First Direct (who were equally unhelpful like HSBC) I'll be transferring my accounts to Nationwide who have been nothing but very helpful on the phone and in their branches.

Amy56

jaysb wrote: »

good luck - i tried HSBC and they only offered me 1.2x salary on a 33% LTV, and thats with a good credit score. But now remortgaging with Nationwide, who have been excellent to date !

Let me know if anyone manages to actually get the HSBC tracker

Hi - just wanted to let you know, that despite being really worried about this thread (and other's talking about unsuccessful HSBC applications), we did receive our mortgage offer on this product yesterday.

I hope everyone finds a good deal that they are happy with - whether that be HSBC or elsewhere.:)

jaysb

Amy56 wrote: »

Hi - just wanted to let you know, that despite being really worried about this thread (and other's talking about unsuccessful HSBC applications), we did receive our mortgage offer on this product yesterday.

I hope everyone finds a good deal that they are happy with - whether that be HSBC or elsewhere.:)

well done ! :beer:

bhindi

Thats good news then.

My appointment that was meant to be last Thursday has now been defered to Saturday. So just to get to see the mortgage man will have taken about 3 weeks, and apparently that wont be the only meeting that we have to have..

So much for this modern technological world we live in!

Amy56

We ended up doing the whole application over the phone - we did have to take our ID/payslips etc into the branch for photocopying, but we didn't make an appointment for that - just got there at opening one saturday.

Really hope you get it all sorted and at the rate you want:)