HSBC Agreement in principle but...

betmunch

Delboy85 wrote: »

I think so. If I get rejected do I have any hope of getting mortgage elsewhere for a reasonablish rate within the next couple of months?

If your going for it then do so, but be ready to move quickly to another lender if you need to. I'm not convinced you will be accepted by any high street lender, let alone HSBC who are known for their thorough underwriting. I know thats not what you want to hear.

Just seen your edit about the 4 out of 5 FTB's accepted. I'm afraid I think this is a crock of s**t! Not to put too finer point on it. I would like to see this backed up.

I suspect this goes no further than the AIP process and doesnt mean fully underwriten cases for the full amount requested.

The_J

That 4 out of 5 stat is for applications accepted at AIP. That's 20% of people failing at full app, that is a horrendous statistic.

I've heard at 90% LTV 4 out of 5 fail AIP :rotfl:

Delboy85

Thanks for your replies. The more and more I read the more I am thinking of bailing on HSBC. Leeds building Society was the original mortgage I was looking at (before they put their rates up). What attracts me back to them is I read their 'vanilla lending criteria' found on their website - and we pass this on all counts including defaults. Is this worth the paper it's written on?

Dave_Ham

Just to add my 2p and unfortunately back up what you have already been highlighted to..

I do not believe you will get through the HSBC full application process, specifically the fact it is not satisfied will not delight HSBC..

You are mortgageable, although not convinced it will be on top HSBC terms..

You are in for a penny, so may as well see it through but as Betmunch said have your backup plan ready - no way your broker was independent.

Good luck

Delboy85

Hi All

Just wanted to let you know that I got a full mortgage acceptance today with HSBC. I am putting pen to paper this Friday. In the end I went for a 2 year tracker @ 3.99%. Thanks for all your help on this. Any questions welcome.

betmunch

Excellent well done. I'm pleasantly surprised!

Tracewhy

betmunch wrote: »

Excellent well done. I'm pleasantly surprised!

Surprised I'm shockled LMAO, but then what do I know apart from my freadful experiences lol

Well done to you OP.

Tracewhy

Tracewhy wrote: »

Surprised I'm shockled LMAO, but then what do I know apart from my freadful experiences lol

Well done to you OP.

Fat fingers alerts, I do apologise :j

Delboy85

I also share both your surprise.
I think the fact that I had a face to face meeting with HSBC really helped. I was able to put across the strengths of our application and make sure that our application was sent off to the underwriters with a "strong recommendation" from the mortgage advisor. This coupled with strong affordability I think must have outweighed the defaults.

Tracewhy

Delboy85 wrote: »

I also share both your surprise.
I think the fact that I had a face to face meeting with HSBC really helped. I was able to put across the strengths of our application and make sure that our application was sent off to the underwriters with a "strong recommendation" from the mortgage advisor. This coupled with strong affordability I think must have outweighed the defaults.

Mmmm so did I :rotfl:maybe the mortgage advisor had a thing for you :rotfl::D:rotfl:No obv just lucky because I have since found out HSBC are very very picky and only take the best.