First time buyer, 250k 85% LTV, decent credit, help please

plasmafire

Hi Guys! I have been a lurker for a while on the forum and finally buying a house.

The house is priced at 248K and is in London. I am looking for an 85% LTV. I have good credit, but the only downside is that I am on a Tier 1 Visa (1.5 years left on visa). Eligible for ILR next month, but I need to close the deal now.

Could you please advise me on the best mortgate to go for? I am currently thinking HSBC Lifetime tracker (3.29+base)

Is there a chance I may be refused, or are there better deals out there? I am on a 62k salary + 15% bonus.

Thanks very much for reading this, and appreciate any help i can get.

Thrugelmir

plasmafire wrote: »

Eligible for ILR next month, but I need to close the deal now.

Stall the deal.

Dave_Ham

Hard work here - fear you will have absolutely no chance with HSBC and if you really want this place, suggest you look for lenders that will accept your current VISA situation and then their rates rather than rates first.


Good luck

plasmafire

Is it worth a shot to go to HSBC, or just straight down to another lender?
I have banked with them for 5 years, and have a good balance etc, and the full deposit stored with them.

Dave_Ham

Absolutely worth asking them specifically about your situation. Before they credit search too quickly, ask policy on Visa's and give your details.

Do not let them say subject to underwriter or maybe depending upon ....

Find out the facts...

would be interested for an update - good luck

plasmafire

Ah cool, I'll head down there today. and say no credit checks please.
I'll post the result soon. cheers Dave
I wonder what the alternative is, and what will the rates look like there, any idea?

Dave_Ham

There will be average rates about that will take this on, have not looked into for a while.

If HSBC say no, instruct a decent broker to source the market for you..

Good luck

harvey115

Hi

I been to HSBC as well and asked them about my wife to join as a second applicant but she does not have an ILR (she has a 2 years spouse visa). The advisor was not a strictly mortgage advisor and he straight away said it is not possible.

When I asked I would like to see a mortgage advisor, he said they will have to do a credit search on my name before setting up an appointment. So a big NO from me.

I banked with HSBC for nearly 10 years, no credit issues at all and a lot of money going in and out of my current account. I think the staff is not very helpful at all...

plasmafire

Dave_Ham wrote: »

Absolutely worth asking them specifically about your situation.

Hi Dave, this might be helpful.. HSBC will only lend if you have ILR, or you are a premier customer for atleast a year. Looks like I must look elsewhere. but where??

Dave_Ham

I did suspect as much I am afraid, although cannot confirm as they do not make their criteria easily available as they do not entertain brokers.

I suspect their "wealth" clients similar to Premier have access also.

If you search this site, you will find some potential solutions or get a broker on the case and they can do the hard work searching..

Some banks have different qualifying criteria for different incomes and loan to values (risk) and therefore it is not as simple as just try this bank or that bank as unfortunatey not that obvious.

There are banks out there that will do this so do not worry...

Good luck