The stars have alligned?

destorius

Hi All

I just wanted to post to hopefully give hope to some of those who are looking for a 90% mortgage with HSBC/First Direct...

I started the process with First Direct 5 weeks ago to apply for their 4.89% 2 year fix and after filling out the online form, 45 mins on the phone with one of their operators, sending extensive documentation (3X salary slips, 3X bank statements, P60, 2X utility bills) and many phone calls to chase them up and correct details...I today signed and returned my formal mortgage offer.

Details are.... buying a leasehold flat @ £147k (with £15k down)...Salary is £51k gross and credit score is reasonable (no defaults or CCJ's but various late payments over the last 6 years - none over the last 3). I am 27 years old.

Not meaning to boast at all and I'm hoping this hasn't jinxed me, but people are (apparently) still lending tho criteria is obviously tight!

Good luck to all of you.

DannyboyMidlands

Ssssh, don't let the brokers on here hear you. Apparently 1st Direct never lend to anyone and it's not even worth trying. Coincidently (of course) they also don't pay fees to brokers.

My 1st Direct mortgage also went through with no hassles at all. A pleasure to deal with them.

Dave_Ham

Its not just the brokers who are saying this, check the posts on HSBC and First Direct...!

In any case, as an independent mortgage broker you could still recommend the First Direct product, so income/commission is irrelevant.

I am pleased you have both got these products and they are fantastic products, just not many do meet their criteria and that is a fact.

I wish you well..

ACG

haha Danny.

I think the advisors on here (myself atleast) are happy to hear positive stories like this. If you hear only negative ones then you presume theyre a nightmare to deal with.
If you start to hear some good and some bad then you think well maybe they have strict criteria but if your a good risk they will take the plunge - not everyone who posts negatives things on here is a bad risk.

Also dont forget, the advisors on here post here helping day and night for free. I dont know how much business they get off this site, speaking personally if i was paid minimum wage for the help i give on here i would have earnt more than i have through the clients ive picked up along the way - we dont come on here for the money.

Its good to hear positive stories, however if you look at the income multiples its less than 3 - so it gives you an idea of the risk FD are prepared to take as that is quite low, most lenders will look at 4 or even more times their income.

betmunch

DannyboyMidlands wrote: »

1st Direct never lend to anyone and it's not even worth trying.

Whens anyone actually said that?

DannyboyMidlands

Oh come on betmunch, lighten up.

DannyboyMidlands

DH/AGC

To be fair my income multiple is quite low. Below 3x.

betmunch

Your right, of course, bigger things to worry about....

destorius

Well i think that apply direct/using a broker is really dependent on your circumstances - If i had failed with FD i would have used a broker as I really think they can make the different in borderline cases. Reading comments from Brokers on this forum such as Dave Ham have helped no end in me understanding the processes involved.

Thanks for all the comments.

ACG

That could form part of their criteria then.

Its difficult to know what their criteria is because they only deal direct so its a case of trying to learn what they look for and then we can give people a good idea of whether they would get accepted or not but looking at peoples posts on here (which is all we have to go on) there never seemed to be any consistancy in their decisions.

DannyboyMidlands

destorius wrote: »

Well i think that apply direct/using a broker is really dependent on your circumstances - If i had failed with FD i would have used a broker as I really think they can make the different in borderline cases. Reading comments from Brokers on this forum such as Dave Ham have helped no end in me understanding the processes involved.

Thanks for all the comments.

Me too but my case was pretty straightforward (once my partners CCJ's had become spent).